Refex Green Power Limited, a wholly owned subsidiary of Refex Industries Limited, has incorporated two new step-down subsidiaries – Refex CBG special purpose vehicle (SPV) Limited and Refex compressed biogas (CBG) SPV (Salem) Limited for the development of municipal solid waste-based bio- compressed natural gas (CNG) plants.
Each subsidiary was incorporated with a paid-up equity share capital of Rs 1 million and will operate under the public-private partnership model on a design, build, finance, operate and transfer basis for 20 years. Refex Green Power will hold a 74 per cent equity stake in each entity, while the remaining 26 percent will be held by Spectrum Renewable Energy Private Limited.