Welspun India, one of the largest home textile manufacturers in the world announced that it had acquired 26% of Clean Max Thanos (CTPL) for Rs 3.80 crore in order to obtain renewable energy under a captive structure.
The company stated in an exchange filing that, as a part of environmental, social, and governance (ESG) journey, it had entered into an agreement for the supply of renewable energy under a captive structure from Clean Max Thanos. Cleanmax Group holds 74% of CTPL’s remaining shareholding. The company subscribed for 26% of CTPL’s equity capital by paying Rs 3.80 Crore.
Further, the firm said that CTPL would set up a project to generate renewable energy under the Hybrid Policy of Gujarat. CTPL will likely begin supply of renewable energy for the firm’s Vapi plant by 31 March 2023.
CTPL is a special-purpose vehicle that was created for this project. It engages in the supply and generation of Renewable Energy.