Sangam India Acquires 49% Stake In Hybrid Renewable Power Project
Sangam (India) Ltd has entered into a share purchase agreement to acquire a 49% equity stake in Clean Max Kenai Pvt Ltd, a renewable energy company, as part of its strategy to expand captive green power capacity for its Rajasthan-based manufacturing operations.
The acquisition, disclosed under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements, is aimed at developing up to 20 MW of wind–solar hybrid captive power capacity through a qualifying renewable energy project. The move is expected to strengthen the company’s long-term cost efficiency while supporting its sustainability and ESG objectives.
Clean Max Kenai Pvt Ltd is a special purpose vehicle incorporated in May 2024 for setting up a 20 MW hybrid renewable energy project at Bhikamkor in Jodhpur district, Rajasthan. Sangam will invest up to Rs 24 crore through cash consideration, with the transaction expected to be completed by February 2027.
According to the company, the project is targeted to achieve commercial operations by April 2027 and is expected to deliver annual savings of approximately Rs 26 crore through reduced dependence on grid power and protection against tariff volatility. The captive power arrangement will provide stable and predictable energy costs over the project’s life.
The investment aligns with Sangam’s broader clean energy strategy, reinforcing its commitment to responsible growth and sustainability. By increasing renewable energy usage across its manufacturing operations, the company aims to optimise power costs while contributing to India’s energy transition.
