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Refex Sustainable Solutions Limited (RSSL), a wholly-owned subsidiary of Refex Group, has signed a Share Purchase Agreement on February 11, 2025, to acquire a 100% controlling stake in Spectrum Renewable Energy Private Limited (SREPL). This acquisition will make SREPL a wholly-owned subsidiary of RSSL and a step-down subsidiary of its parent company. Spectrum Renewable Energy operates in the renewable energy sector, specializing in the production of Compressed Bio Gas (CBG) and organic manure from press mud and other biodegradable waste. The company is based in Warananagar, Kolhapur, and focuses on sustainable waste-to-energy solutions. The acquisition is part of RSSL’s plan to expand into the CBG and organic manure business, aligning with its broader sustainability and renewable energy goals. SREPL has a paid-up equity share capital of ?46.10 crore and reported a turnover of ?2.62 crore for the financial year 2023-24. The deal does not fall under related party transactions, as neither RSSL’s promoters nor promoter groups have any financial interest in SREPL. The acquisition is being carried out at arm’s length, ensuring fair valuation and transparency in the transaction. This move represents a strategic expansion for RSSL, allowing it to enter the bio-energy sector, which plays a key role in India’s renewable energy future. The production of Compressed Bio Gas supports the government’s focus on alternative fuels and helps in reducing reliance on fossil fuels. Additionally, the organic manure produced by SREPL contributes to sustainable agriculture, promoting eco-friendly farming practices. With this acquisition, RSSL strengthens its position in the renewable energy market by diversifying into waste-to-energy solutions. The company aims to scale up operations in the CBG and organic manure segment, creating new opportunities for sustainable energy production and environmental conservation. |
