Concord Biotech Ltd. has recently informed exchanges that the company entered into a Share Purchase Agreement (SPA) with Clean Max Everglades Pvt. Ltd. (CMEPL) and Clean Max Enviro Energy Solutions Pvt. Ltd. (CMEESPL) on January 16, 2025, to acquire a 26% equity stake in CMEPL. This strategic investment aligns with Concord Biotech’s sustainability goals, focusing on renewable energy to reduce its carbon footprint and enhance operational efficiency.
The investment in CMEPL supports the development of a captive power generation facility in Gujarat, utilizing wind and solar energy (6.6 MW wind and 3.3 MW solar capacity). This move is part of the company’s long-term commitment to reducing energy costs, complying with environmental regulations, and contributing to the global fight against climate change.
CMEPL, incorporated on October 7, 2024, is a Special Purpose Vehicle (SPV) created to develop the renewable energy facility under the Group Captive Power policy. The acquisition, which involves a cash consideration of Rs. 10 per equity share, is set to be completed within 90 days, with 26,000 shares being allotted to Concord Biotech.
