Sangam India Ltd to Acquire 49% Stake in Clean Max Kenai for Renewable Energy Capacity Expansion

Sangam India Ltd has entered into a Share Purchase Agreement to acquire 49% equity shares of Clean Max Kenai Private Limited, a company engaged in generation and transmission of renewable energy. The acquisition aims to augment captive renewable energy capacity of up to 20 MW for the company’s Rajasthan-based plants through a qualifying Wind-Solar Hybrid captive project. This investment is expected to ensure long-term cost efficiency and sustainability. The consideration for the acquisition is an equity investment of up to Rs 24 Crore. Clean Max Kenai Private Limited is a special purpose vehicle for setting up 20 MW wind-solar hybrid power project on a captive basis in Rajasthan, India. The expected commercial operation date is April, 2027 with an expected annual savings of Rs. 26 Crores.