Sangam India has announced a strategic move to strengthen its renewable energy footprint by entering into a share purchase agreement to acquire a 49% equity stake in Clean Max Kenai Private Limited. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The acquisition is aimed at augmenting Sangam India’s captive renewable energy capacity of up to 20 MW for its Rajasthan-based manufacturing plants. This capacity will be developed through a qualifying wind–solar hybrid captive power project, aligning the company’s energy strategy with long-term cost efficiency, sustainability, and energy security objectives.
Clean Max Kenai Private Limited has been incorporated as a special purpose vehicle for setting up a 20 MW wind–solar hybrid power project at Bhikamkor in Jodhpur district, Rajasthan. The company was incorporated on 21 May 2024 and currently has no operational turnover, as the project is in the development stage. Its paid-up share capital stands at ₹1 lakh, and the project will operate on a captive basis to supply renewable power to Sangam India’s facilities.
As per the regulatory filing, the proposed acquisition does not qualify as a related party transaction. The promoter, promoter group, or group companies of Sangam India do not have any interest in Clean Max Kenai Private Limited, ensuring that the transaction is conducted at arm’s length.
The investment will be made entirely through cash consideration, with payments routed via online banking channels. Sangam India plans to invest up to ₹24 crore for acquiring the 49% equity stake. The indicative timeline for completion of the acquisition is up to February 2027, subject to standard project execution milestones. No specific government or regulatory approvals have been indicated as required at this stage.