Uflex to Acquire 28% Stake in Indian Renewable Energy Company

MT Newswires Live

02/20

Flexible packaging company Uflex (NSE:UFLEX, BOM:500148) has agreed to acquire a 28% stake in Ampin C&I Power Twenty Seven for 66.7 million Indian rupees, according to a Thursday filing to the Indian stock exchanges.

The company's shares were up over 1% in early trade on Friday.

Ampin C&I Power Twenty Seven is in the business of setting up, generating, and distributing hybrid (solar + wind) power in India. This investment is aimed at sourcing the hybrid power on a long-term basis under the captive power plant policy.

The company will acquire 6.7 million equity shares at 10 rupees each.

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