Syngene invests further in O2 Renewable energy

Syngene International (BSE: SYNGENE) announced it has entered into an amendment to its Share Subscription/Purchase and Shareholders Agreement with O2 Renewable Energy II Private Limited to further the acquisition of renewable power. The company will acquire and maintain a minimum 26% stake in O2 to maintain captive status as per the Electricity Act. The cost of the acquisition is INR 65 million, and upon completion, Syngene's stake in O2 will increase to 33.79%. O2 Renewable Energy, incorporated in December 2021, is involved in power generation from a 201.2 MW Wind-Solar Hybrid power plant in Karnataka. The acquisition is expected to be completed on or before May 31, 2025. O2's turnover for the financial year 2023-24 was INR 51,238,770.