Relaxo Footwears Limited has announced the incorporation of a new Special Purpose Vehicle (SPV), Clean Max MUOI Private Limited, on June 13, 2026. This move aims to optimize energy costs and meet regulatory requirements for captive power consumption by establishing solar power projects. The SPV, with an authorized share capital of ₹30,00,000, will primarily serve Relaxo’s manufacturing facilities in Haryana.
Formation of Clean Max MUOI Private Limited
Relaxo Footwears Limited is pleased to announce the establishment of a new entity, Clean Max MUOI Private Limited, which has been incorporated as a Special Purpose Vehicle (SPV). The Certificate of Incorporation was issued by the Ministry of Corporate Affairs on June 13, 2026. This incorporation is in line with the company’s strategic initiatives to enhance its energy efficiency and sustainability efforts.
Objectives and Capitalization
The newly formed SPV, Clean Max MUOI Private Limited, is a private limited company registered in India. It has an authorized share capital of ₹30,00,000 and a paid-up capital of ₹1,00,000. The primary objective of the SPV is to undertake the development, operation, and maintenance of captive solar power projects. These projects will supply renewable energy to Relaxo’s manufacturing facilities located across Haryana, contributing to optimized energy costs and compliance with regulatory mandates under the Electricity Act, 2003.
Acquisition Details
Relaxo Footwears Limited proposes to invest up to ₹2.50 crores for the acquisition/subscription of approximately 26% equity share capital of the SPV. This transaction does not constitute a related party transaction, as neither the promoter nor any promoter group or group companies of Relaxo have any interest in the SPV. The acquisition is expected to be completed within approximately 60 days from the date of incorporation. Upon completion, the SPV will become an associate of Relaxo Footwears Limited.
Industry and Operations
The industry to which the acquired entity belongs is Renewable Energy. As the SPV is a newly incorporated company with no prior operations, its turnover for the last three financial years is not applicable. The SPV’s operations will be exclusively within India.
Transaction Timeline
The proposed acquisition/subscription is anticipated to be finalized within approximately 60 days from the SPV’s incorporation date. The consideration for this transaction will be settled in cash.
Source: BSE
