Aarti Drugs to acquire 26.25% stake in Prozeal’s solar power project SPV

Aarti Drugs Limited has signed a share subscription and shareholders agreement with Prozeal Green Energy Private Limited and its special purpose vehicle (SPV), Prozeal Green Power Nine Private Limited, for setting up a 19.36 MW/24.4 MWp solar power project in India.

Under the agreement, Aarti Drugs will acquire a 26.25 per cent equity stake in the SPV, which will be responsible for the development and Operation and Maintenance (O&M) of the project. Prozeal Green Energy will set up the solar power plant, and the electricity generated will be used for Aarti Drugs’ captive consumption.