Sangam (India) Limited has entered into a Share Purchase Agreement to acquire a 49% equity stake in Clean Max Kenai Private Limited. This acquisition is aimed at augmenting the company's captive renewable energy capacity by up to 20 MW for its Rajasthan-based plants through a qualifying Wind-Solar Hybrid captive project. The acquisition is expected to ensure long-term cost efficiency and sustainability. Clean Max Kenai Private Limited is a special purpose vehicle incorporated on May 21, 2024, for setting up a 20 MW wind-solar hybrid power project on a captive basis in Jodhpur, Rajasthan. The target entity has reported NIL turnover in the last financial year and has a paid-up share capital of ₹1,00,000. The total consideration for the acquisition is a cash payment of up to ₹24 Crore through online banking. The acquisition does not fall under related party transactions, and the promoter/promoter group/group companies have no interest in the target entity. The indicative time period for the completion of the acquisition is up to February 2027, with the expected Commercial Operation Date (COD) for the project being April 2027. The company anticipates an annual saving of ₹26 Crores from this investment.
