Borosil Renewables Limited has entered into a share purchase agreement (SPA) to acquire a 49 per cent stake in Clean Max Prithvi Private Limited (CMPPL). It is a special purpose vehicle (SPV) established by Clean Max Enviro Energy Solutions Private Limited for the generation and supply of renewable power.
As a result of the acquisition, CMPPL has become an associate company of Borosil Renewables. Borosil has committed to further investing approximately Rs 178.30 million to CMPPL in one or more tranches. CMPPL has a paid-up share capital of Rs 100,000 and has yet to commence operations. The company will develop and maintain a 16.50 MW hybrid solar-wind power plant in Gujarat. The plant will supply the generated power to Borosil Renewables as a captive user exclusively. The acquisition is expected to be completed in two months.
In August 2023, Borosil Renewables Limited announced its intentions to enter into the recycling of solar PV modules. The company has integrated solar glass production operations in India and Europe. In October 2022, Borosil Renewables successfully completed the acquisition of an 86 per cent stake in Interfloat Group. The acquisition was successfully completed by the company’s wholly-owned overseas subsidiaries named Geosphere Glassworks GmbH and Laxman AG.
