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