Biocon acquires stake in AMPIN solar project SPV

Biocon Limited has acquired an equity stake in Ampin C&I Power Twelve Private Limited (AMPIN), a special purpose vehicle (SPV) formed for the generation and supply of solar power, according to a regulatory filing by the company.

The investment is part of Biocon’s strategy to increase renewable energy consumption, reduce energy costs, and support its decarbonisation objectives.

AMPIN will develop a 27.12 MW (DC) solar power plant in Karnataka. Biocon stated that it will retain its equity stake in the SPV during the term of the Power Purchase Agreement (PPA) and related shareholders’ agreements to maintain captive status under the Electricity Act.

Transaction details

Biocon will invest Rs 5,47,60,000 in the SPV through the subscription of 54,76,000 equity shares with a face value of Rs 10 each at par.

Following the investment, Biocon will hold 59,76,000 equity shares, representing 37.77% of the paid-up share capital on an undiluted basis. The company stated that its shareholding is expected to reduce to 15.91% on a fully diluted basis after additional investments by other parties.

The transaction will be completed through cash consideration. Regulatory approvals are not applicable, and allotment of shares is expected in due course.

Company background

Ampin C&I Power Twelve Private Limited was incorporated on April 23, 2025. According to the filing, the company had a net worth of Rs 120.78 million as of March 31, 2026.

The SPV reported nil turnover during FY 2025-26 and a profit after tax (PAT) loss of Rs 1.28 million.

Biocon stated that the acquisition does not qualify as a related party transaction and that neither its promoter nor promoter group has any interest in AMPIN.

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