Laurus Labs obtains 26 per cent stake in Ethan Energy

Pharmaceutical and biotechnology company Laurus Labs has obtained 26 per cent equity shares in Ethan Energy by investing Rs 39 million. Ethan is a special purpose vehicle of Vibrant Energy Holdings. This acquisition will allow Laurus Labs to obtain 100 per cent of the energy produced by Ethan Energy from its 10 MW solar project in captive mode under open access.

Laurus has entered into a share subscription agreement and shareholders agreement to purchase 740,000 equity shares with a face value of Rs 10 each at a premium of Rs 42.70.

Recently in November 2022, Actis announced that its portfolio company, BluPine Energy has completed the acquisition of a 404 MWp operating pan-India solar portfolio from the Atha Group. This acquisition will enable BluPine to support India’s energy transition by targeting 4 GW of portfolio capacity over the next four to five years.