Tata Communications Limited, a wholly owned subsidiary of the Tata Group, has entered into a share purchase agreement with Clean Max Enviro Energy Solutions Limited and its wholly owned subsidiary Clean Max Yuhdul Private Limited (an SPV) to acquire a 26 per cent stake in the SPV.
Furthermore, the company will acquire 2,600 equity shares in the SPV for an aggregate consideration of Rs 26,000. The transaction aims to support Tata Communications’ sustainability goals, including its long-term carbon neutrality and net-zero targets. The company intends to increase its renewable energy usage at its offices in Karnataka through captive power consumption.
Earlier this month, CleanMax partnered with Apple to expand its renewable energy investments in India with an initial investment of Rs 1 billion.
