MRF Set To Make Rs. 7.26 Crore Investment In Clean Max Omni

By Chitrika Grover/ Updated On Wed, Oct 23rd, 2024

Highlights :

The project is expected to be completed within 3-4 months of signing agreement.

MRF Set To Make Rs. 7.26 Crore Investment In Clean Max Omni

Chennai-based Tyre manufacturer MRF Limited recently announced its plans to acquire a 26 per cent stake in Clean Max Omni Private Limited for Rs. 7.26 crores, pivoting into renewable energy space. The tyre manufacturers entered into a captive power purchase agreement with Clean Max Omni for a hybrid power supply under the government’s captive power policy.

In order to enhance its source of renewable power supply, MRF Limited will acquire and maintain an equity stake (up to 26%) in Clean Max Omni Private Limited as per the group captive generation mechanism under the Electricity Act. Maharashtra-based Clean Max Omni is engaged in the business of developing clean and green energy with sustained benefits to all stakeholders engaged directly/indirectly. Since the Mumbai-based was incorporated recently it has not started any commercial operations from commencement i.e. 10th July 2023 to 3rd March 2024. The project is expected to be completed within 3-4 months of signing agreement.

The company mentioned, “The company is engaged in the business of developing clean and green energy with sustained benefits to all stakeholders engaged directly/indirectly. Date of Incorporation 10th July 2023.Since the Company was incorporated recently it has not started any commercial operations from commencement i.e. 10 July 2023 to 31st March,2024. Hence, the turnover is ,Nil for the aforesaid period.

Google Cleanmax Deal

The deal precedes another deal between Google and Clean Max Enviro Energy Solutions (CleanMax), a Brookfield-backed company and a leading renewable energy and net-zero solution provider for the Commercial and Industrial (C&I) sector.

Under this agreement, CleanMax will develop a 125.4 MW hybrid project, consisting of 66 MW solar generation capacity in Rajasthan and 59.4 MW of wind generation capacity in Karnataka. These projects will be connected to the national grid of India and will support the decarbonisation of Google’s cloud services and offices across India, aligning with Google’s goal to run on 24/7 carbon-free energy on every grid where it operates by 2030.

These projects are expected to start commercial operations from Q4 2025 and will generate an estimated 350,000 million kWh of carbon free energy annually.