Refex Sustainable Solutions Limited (RSSL), a wholly-owned subsidiary of Refex Renewables & Infrastructure Limited, has announced the acquisition of a 100% controlling stake in Spectrum Renewable Energy Private Limited (SREPL) through a Share Purchase Agreement. The transaction, valued at INR 16.71 Crore, was executed on February 11, 2025, making SREPL a wholly owned subsidiary of RSSL and a step-down subsidiary of Refex Renewables.
About Spectrum Renewable Energy
Spectrum Renewable Energy is primarily engaged in the generation of Compressed Bio Gas (CBG) and organic manure from press-mud and other biodegradable wastes at its facility in Warananagar, Kolhapur. The company has a paid-up equity share capital of INR 46.10 Crore and recorded a turnover of INR 2.62 Crore for the fiscal year 2023-24.
Strategic Move to Expand in the Renewables Sector
The acquisition marks a significant step in Refex Renewables’ strategic expansion into the growing renewable energy sector. By acquiring SREPL, Refex aims to strengthen its presence in the emerging markets of CBG and organic manure, which aligns with its long-term commitment to environmental sustainability and carbon footprint reduction. This acquisition is expected to diversify the company’s renewable energy portfolio, contributing to its focus on eco-friendly solutions.
No Regulatory Approvals Needed
The acquisition does not require any government or regulatory approvals. The transaction will be completed by March 31, 2025, subject to mutual extension. The consideration for the acquisition will be paid in cash, including partial repayment of SREPL’s outstanding liabilities and debt.
