Syngene increases stake in O2 Renewable Energy

Syngene International Limited has increased its stake in O2 Renewable Energy Private Limited II from 26 percent to 33.79 percent.

This move strengthens Syngene’s renewable energy consumption strategy while ensuring compliance with captive power requirements under the Electricity Act.

The investment supports O2 Renewable Energy’s 201.2 MW wind-solar hybrid power plant in Kudligi Taluk, Bellary District, Karnataka. Syngene invested Rs 65 million through equity shares and compulsory convertible debentures as part of the transaction.

O2 Renewable Energy’s wind-solar hybrid plant has been operational since December 2021. The company reported a turnover of Rs 51.2 million for the financial year 2023-24. The acquisition process is expected to be completed by May 31, 2025, or earlier.

Syngene International Ltd. is an integrated research, development, and manufacturing services company catering to global pharmaceutical, biotechnology, nutrition, animal health, consumer goods, and specialty chemical sectors.

With a market capitalization of Rs 289.58 billion, Syngene’s expansion into renewable energy aligns with its sustainability goals while securing stable power supply for its operations.