Medical devices maker Poly Medicure Ltd on Friday (January 10) announced the execution of a joint venture agreement with AMPIN C&I Power Private Ltd to establish a solar power project in Haryana. The venture aims to supply power as a captive generating plant for Poly Medicure’s manufacturing facility in the region.
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“…we would like to inform you that a Joint Venture Agreement has been entered amongst, Poly Medicure Limited and AMPIN C&I Power Private Limited, engaged in the business of developing, constructing, operating and maintaining renewable energy projects and the Captive User is in the business of production and supply of industrial and atmospheric gases in India…,” according to a stock exchange filing.
The proposed joint venture company (JVC) will have a shareholding structure where AMPIN C&I Power will hold a 74% stake, represented by 7,400 equity shares of ₹10 each, while Poly Medicure will own the remaining 26%, comprising 2,600 equity shares of ₹10 each.
Also Read: Poly Medicure expects revenue growth of around 20% over the next 3 years
“As per the terms of the Joint Venture Agreement, the proposed JV company will be 26% owned by Poly Medicure and 74% owned by AMPIN C&I Power Private and capital shall be infused by both parties in one or more tranches as per the mutually agreed terms and conditions among Poly Medicure and AMPIN C&I Power Private Ltd,” the company said.
The management of the JVC will rest with a board of directors, which will oversee the company’s operations and strategic decisions. Certain decisions, as mandated by applicable laws and the JV agreement, will require prior approval from the shareholders. Capital infusion into the JVC will be undertaken by both parties in one or more tranches, as per mutually agreed terms.
Shares of Poly Medicure Ltd ended at ₹2,684, down by ₹8, or 0.30%, on the BSE.
Also Read: Poly Medicure raises ₹1,000 crore by selling shares to at least seven major funds
(Edited by : Shoma Bhattacharjee)
