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Sangam (India) to Acquire 49% Stake in Clean Max Kenai for Rs 24 Cr to Add 20 MW Hybrid Power
Sangam (India) Limited has entered into a share purchase agreement to acquire a 49% equity stake in Clean Max Kenai Private Limited for an investment of up to Rs 24 Crore. The acquisition is a strategic move to set up a 20 MW Wind-Solar Hybrid captive power project in Jodhpur, Rajasthan, to power the company's existing plants. This project is expected to be operational by April 2027 and is projected to deliver significant annual power cost savings of approximately Rs 26 Crores. The investment aligns with the company's ESG goals and aims to provide long-term cost stability by reducing reliance on the grid.
Key Highlights
Acquisition of 49% equity stake in Clean Max Kenai Private Limited for a cash consideration of up to Rs 24 Crore.
Development of a 20 MW Wind-Solar Hybrid captive power project to ensure long-term cost efficiency.
Expected annual savings of Rs 26 Crores once the project becomes operational.
Projected Commercial Operation Date (COD) is April 2027, with acquisition completion by February 2027.
The target entity is a Special Purpose Vehicle (SPV) with zero turnover currently, focused on renewable energy generation.
💼 Action for Investors
This is a positive development as the projected annual savings of Rs 26 Crore exceed the initial investment of Rs 24 Crore, suggesting a very high ROI. Investors should monitor the project's progress toward its 2027 operational deadline as it will significantly improve operating margins.