Welspun India Takes 26% Stake in Clean Max Thanos for Renewable Energy

Welspun India Limited has announced that the firm has acquired 26 per cent stake in Clean Max Thanos (CTPL) in order to obtain renewable energy under a captive structure. Welspun said that the acquisition would cost the firm Rs 3.80 crore.

Welspun India said in an exchange filing that the textile major has entered into the agreement for the supply of renewable energy under a captive structure from Clean Max Thanos as part of its environmental, social, and governance (ESG) scheme.

Here onwards, Clean Max Group will have 74 per cent share in CTPL which is a special-purpose vehicle (SPV) engaged in the supply and generation business of renewable energy.

Welspun also revealed that CTPL would develop a new project for the production of renewable energy under the Hybrid Policy of Gujarat.

Welspun said in the filing that CTPL is likely to commence supply of renewable energy for the Vapi plant of Welspun India by March 31, 2023.

Welspun India is headquartered in Mumbai and it is considered to be Asia’s second largest terry towel maker that exports more than 90 per cent of the product to over 50 countries.

In September 2021, Welspun India announced that it would be investing about Rs 800 crore on the expansion of its textiles and flooring business in India. It held that the company would be setting up a 25 MW renewable energy plant in Telangana to decarbonise its business.

Clean Max is a Gurugram based solar power company that claims to be a leading renewable energy company in the commercial and industrial (C&I) segment having operating renewable assets of 1 GW. Currently, Clean Max has more than 550 rooftop solar projects and maintains a portfolio of over 350 corporate clients. It delves into rooftop solar, carport solar and solar farm development.