October 22, 2024

MRF to invest ₹7.26 crore in clean energy venture, shares in red

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Tyre manufacturer MRF Limited announced today its plans to acquire a 26 per cent stake in Clean Max Omni Private Limited for ₹7.26 crores, marking a significant move into renewable energy sourcing. The Chennai-based company has entered into a captive power purchase agreement with Clean Max Omni for a hybrid power supply under the government’s captive power policy.

The shares of MRF Limited were trading at ₹1,27,528.95 down by ₹714 or 0.56 per cent on the NSE today at 11.50 am.

Clean Max Omni, incorporated in July 2023 in Mumbai, specializes in clean and green energy development. The acquisition is expected to be completed within 3-4 months through cash consideration. The move aims to enhance MRF’s renewable power supply sources through the group captive generation mechanism under the Electricity Act.

The target company, which has not commenced commercial operations since its incorporation, will focus on wind power generation. MRF clarified that this is not a related party transaction and requires no specific governmental or regulatory approvals.

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