New Launch9 Jul 2025, 06:11 pm
Phoenix Mills Subsidiary Enters into Agreement with JSW Neo Energy and O2 Renewable XXX for Renewable Energy Supply
AI Summary
The Phoenix Mills Ltd.'s subsidiary, Pallazzio Hotels & Leisure Limited, has entered into a Security Subscription and Shareholders Agreement (SSSA) with JSW Neo Energy Limited and O2 Renewable XXX Private Limited. The agreement involves the subscription of 4,73,000 Equity Shares and 42,570 Series B Compulsory Convertible Debentures of O2 Renewable XXX for the purchase of renewable energy (electricity) generated from the captive generating plant. Pallazzio has also signed a Power Purchase Agreement with O2 Renewable XXX for the supply of solar power.
Key Highlights
- Phoenix Mills' subsidiary, Pallazzio Hotels & Leisure Limited, has entered into a Security Subscription and Shareholders Agreement (SSSA) with JSW Neo Energy Limited and O2 Renewable XXX Private Limited.
- Pallazzio will subscribe to 4,73,000 Equity Shares and 42,570 Series B Compulsory Convertible Debentures of O2 Renewable XXX for the purchase of renewable energy.
- Pallazzio has also signed a Power Purchase Agreement with O2 Renewable XXX for the supply of solar power.
- The agreement does not fall within the purview of related party transactions.
- The acquisition will enable Pallazzio to become a Captive User and consume solar power generated by O2 Renewable XXX.