Sun pharma:Arms nit to invest in wind energy project in US
Reversing its earlier decision, drug major Sun Pharmaceutical Industries on Tuesday said its Israeli arm Taro has decided not to proceed with an investment in a wind energy project in the US.
“Some of the company’s subsidiaries were contemplating an investment in a wind energy project in the US. Subsequent to a further evaluation, these subsidiaries have decided not to proceed with this potential project,” Sun Pharmaceutical Industries said in a BSE filing.
In a filing to United States Securities and Exchange Commission, Taro had earlier said its stakeholders will meet on November 24 to consider proposal to approve its investment in the construction of and the acquisition of a wind-powered electric energy project jointly with affiliates of the company’s controlling shareholder, Sun Pharmaceutical Industries.