Relaxo Footwears Incorporates SPV for Green Energy

Relaxo Footwears Limited has announced the incorporation of a Special Purpose Vehicle (SPV) named Clean Max MUOI Private Limited. This SPV, incorporated on June 13, 2026, with an authorized share capital of ₹30,00,000 and paid-up capital of ₹1,00,000, will focus on renewable energy, specifically developing and operating captive solar power projects. The primary objective is to meet the company's green energy needs, optimize energy costs, and comply with regulatory requirements for captive power consumption. Relaxo plans to invest up to ₹2.50 crores for approximately a 26% equity stake, with the SPV expected to become an associate upon completion of the acquisition within 60 days. The SPV has nil turnover as it is yet to commence operations and does not involve related parties.