Cipla takes stake in renewable energy SPV Clean Max Auriga Power

Cipla Limited said that it has acquired a stake of up to 33% in Clean Max Auriga Power LLP, a special purpose vehicle (SPV) focused on production, supply, and distribution of solar and wind or other renewable energy generation.

According to the Indian pharma company, the transaction aligns with its commitment to boost the share of renewable power sources in its operation and to adhere to regulatory requirements for being a captive user under the Indian electricity laws.

Clean Max Auriga Power was incorporated in 019 and was created for the purpose of installing captive wind and solar, renewable power generation plant in Karnataka.

Kedar Upadhye — President and Global CFO, Cipla, said: “ESG is at the centre of focus at Cipla and with this acquisition we are progressing on the right track of being purposeful by embedding sustainability into our businesses. It is a testament to our commitment of using cleaner, renewable sources of energy and it fuels our ambition of enabling a greener environment.”