Welspun India acquires 26% stake in Clean Max Thanos

Welspun India on Thursday (29 December 2022) announced that it has acquired 26% stake in Clean Max Thanos (CTPL) for Rs 3.80 crore to get renewable energy under captive structure.

In an exchange filing, the company said, As a part of environmental, social, and governance (ESG) journey, the company has entered into an arrangement for supply of renewable energy under captive structure from Clean Max Thanos (CTPL). The company has subscribed to 26% equity share capital of CTPL by paying Rs 3.80 crore and remaining 74% shareholding of CTPL is held by Cleanmax Group.

The firm further added that CTPL will set up a renewable energy project under Hybrid Policy of the Government of Gujarat and the company's Vapi factory will acquire renewable energy from the proposed project of CTPL.

Welspun India said that the implementation of renewable energy project in the state of Gujarat as a captive unit for supply of renewable energy to the company's Vapi factory. CTPL is expected to commence supply of renewable energy to the firm's Vapi factory by 31 March 2023.

The indicative time period for completion of the acquisition is 31 December 2022.

CTPL is a special purpose vehicle formed for this project. It is engaged in business of generation and supply of Renewable Energy.

CleanMax is Asia's leading renewable energy company in the C&I (commercial and industrial) sector with 1GW of operating renewable assets. It pioneered the 'Energy Sale' model for rooftop solar in India in 2011 and focusing on the vision of being the sustainability partner of choice for corporates. CleanMax is already working with more than 350 corporates for their renewable energy requirements.

Welspun India is one of the largest home textile manufacturers in the world. The company offers a wide spectrum of home & technical textile products and flooring solutions.

The company's consolidated net profit slumped 95.9% to Rs 8.33 crore on 15% decline in net sales to Rs 2,113.46 crore in Q2 FY23 over Q2 FY22.

Shares of Welspun India were up 0.59% to Rs 76.45 on the BSE.

Powered by Capital Market - Live News