Indian Energy Exchange to acquire 10% in Enviro Enablers India Pvt Ltd

EEIPL, through this deal will be able to augment the value offering of its Material Waste Platform (MWP)

The Indian Energy Exchange (IEX) announced on Friday that it has formalised a share subscription agreement and shareholders' agreement with Enviro Enablers India Private Limited (EEIPL).

Under this agreement, IEX will acquire a 10 per cent stake in EEIPL through Compulsory Convertible Preference Shares (CCPS). This strategic move aligns with IEX's commitment to sustainability and decarbonisation, in accordance with India's net-zero commitments and to promote a circular economy, the company stated in a press release.

Through this deal, EEIPL will enhance the value offering of its Material Waste Platform (MWP), which brings together all stakeholders in the waste sector. MWP has the potential to significantly improve the scientific processing of waste across India and establish a circular economy for a wide range of waste materials.

Commenting on the collaboration, SN Goel, Chairman and Managing Director of IEX, said, "IEX is proud to associate with Enviro Enablers and to partner in this circular economy platform. This partnership reaffirms our steadfast commitment to sustainability and decarbonisation, aligning seamlessly with India's net-zero goals. The platform will catalyse solutions for compliant waste management, including segregation, processing, recycling, tracking, tracing, and valorisation of waste fractions, all while uplifting informal waste pickers."

Additionally, Govindaswamy Mahesh Babu of EEIPL stated, "Our collaboration with the Indian Energy Exchange is a crucial union that combines environmental stewardship with energy expertise. This strategic alliance paves the way for a transformative journey towards sustainability and circularity within India's energy landscape. Together, we are committed to aligning our initiatives with India's ambitious net-zero commitments, focusing specifically on creating a more eco-conscious, energy-efficient future."

He further noted, "This partnership emphasises our unwavering commitment to pioneering innovative solutions and fostering a green and environmentally responsible future."

It is worth mentioning that IEX has taken several steps to fulfil its sustainability commitments and recently became India's first carbon-neutral power exchange. Through its wholly-owned subsidiary, the International Carbon Exchange, IEX aims to enable participants to buy and sell voluntary carbon credits at competitive prices via a transparent and reliable platform, with the ultimate goal of facilitating a 45 per cent reduction in global greenhouse gas emissions by 2030.