To avail the benefit of captive consumption of solar power, Aurobindo Pharma invested in two solar companies.
After making the investment the drug giant is holding 26% stakes in both the companies.
The drug firm has entered into binding agreements to invest ₹5.38 crore each in NVNR (Ramannapet I) Power Plant Pvt Ltd and NVNR (Ramannapet II) Power Plant Pvt Ltd, aggregating to ₹10.76 crores, Aurobindo Pharma said in a regulatory filing.
Big business houses moving their dependency on electricity the renewable sources. Previously Ashok Leyland invested in another renewable company. This shows the trend of the Indian manufacturing industry moving towards renewable power sources.