Borosil Renewables Limited has entered into a share purchase agreement (SPA) to acquire a 49 per cent stake in Clean Max Prithvi Private Limited (CMPPL), a special purpose vehicle (SPV) established by Clean Max Enviro Energy Solutions Private Limited for the generation and supply of renewable power.
As a result of the acquisition, CMPPL has become an associate company of Borosil Renewables, which has committed to investing approximately Rs 178.30 million in CMPPL in one or more tranches. CMPPL has a paid-up share capital of Rs 100,000 and has yet to commence operations. The company will develop and maintain a 16.50 MW hybrid solar-wind power plant in Gujarat to supply the generated power exclusively to Borosil as a captive user. The completion of the acquisition is expected within two months