Relaxo to invest ₹2.5 Cr in SPV for solar power project

Relaxo Footwears Limited's Board of Directors approved an investment of up to ₹2.50 crores by subscribing to and/or acquiring equity shares in a Special Purpose Vehicle (SPV). This SPV, to be incorporated by CleanMax Enviro Energy Solutions Limited and/or its affiliates, will establish a group captive solar power project under the Electricity Act, 2003. The project is intended to power Relaxo's manufacturing facilities across Haryana. Relaxo will acquire approximately 26% of the SPV's equity share capital, making it an associate. The investment will be made in cash, and the company will enter into various agreements, including a Term Sheet and Energy Supply Agreement, with the SPV and CleanMax.