Pudumjee Paper Products on Monday said that it has entered into an agreement to buy 12 lakh equity shares of Mitcon Solar Alliance, constituting 26.67 per cent of the equity, for ₹2.40 crore.

The deal is expected to be completed within a month, it said. The acquisition will help meet the company’s renewable purchase obligation. For FY18-19, Pudumjee Paper had reported a net profit of ₹16.74 crore on revenues of ₹589.52 crore; for Q2 of FY20, the company had posted a PAT of ₹7.64 crore.