By: IPP Bureau
Last updated : July 18, 2023 10:57 am
Dr. Reddy's Laboratories Limited has entered into a Security Subscription and Shareholders' Agreement for consumption and supply of renewable energy, with TEQ Green Power XI Private Limited and O2 Power SG Pte, for investment in O2 Renewable Energy IX Private Limited (SPV).
The arrangement for accessing such renewable power will be done through a partnership with TEQ Green Power XI Private Limited and/or its affiliate with security holding ratio of 26% by the Company and 74% by TEQ Green Power XI Private Limited and/or its affiliate, in the SPV.
The company has the right to nominate 1(one) Director on the Board of SPV, receive first offer in case of transfer of securities of SPV to any third party, right to restrict capital restructuring, except otherwise defined, etc.
The company and TEQ Green Power XI Private Limited and/or its affiliate will invest in SPV in the ratio of 26:74