MRF Limited has signed a captive power purchase agreement with Clean Max Omni Private Limited to acquire hybrid power under the Government’s captive power policy, aiming to acquire up to 26% of the company’s paid-up equity.
Clean Max Omni, incorporated on July 10, 2023, under the Companies Act, 2013, focuses on developing clean and green energy for the benefit of all stakeholders. With its registered office in Mumbai, the company has not yet commenced commercial operations, resulting in a turnover of zero since its incorporation. This acquisition does not fall under related party transactions, and there are no interests from promoters or related entities in Clean Max Omni.
MRF intends to enhance its renewable power supply sources through this acquisition, which is expected to be completed within 3-4 months of signing the agreement. The investment will amount to ₹7.26 crores in cash, securing a 26% stake in the company.