RELAXO Footwears Limited has announced the incorporation of a new Special Purpose Vehicle (SPV) named Clean Max MUOI Private Limited. This entity, incorporated on June 13, 2026, aims to focus on the development, operation, and maintenance of captive solar power projects. The SPV will supply renewable energy to RELAXO’s manufacturing facilities, supporting the company’s green energy initiatives and cost optimization goals.
New Entity for Green Energy Initiatives
RELAXO Footwears Limited has established a new Special Purpose Vehicle (SPV) to enhance its commitment to renewable energy. The SPV, named Clean Max MUOI Private Limited, was officially incorporated on June 13, 2026. This strategic move is in line with RELAXO’s efforts to optimize energy costs and comply with regulatory requirements for captive power consumption.
Objective and Structure of the SPV
The primary objective of Clean Max MUOI Private Limited is the development, operation, and maintenance of captive solar power projects. These projects will directly supply renewable energy to RELAXO’s manufacturing facilities located across Haryana. The SPV has an authorized share capital of ₹30,00,000 and a paid-up capital of ₹1,00,000. The company proposes to invest up to ₹2.50 crores for approximately 26% equity share capital in the SPV.
Strategic Importance and Impact
This acquisition/subscription is not considered a related party transaction, and the promoter/promoter group/group companies of RELAXO do not hold any interest in the SPV. The establishment of this SPV is crucial for meeting RELAXO’s green energy needs and optimizing energy costs. Upon completion of the proposed acquisition, the SPV will become an associate of RELAXO Footwears Limited. The SPV is a private limited company incorporated in India and will operate exclusively within India. Turnover details for the SPV are not applicable as it is newly incorporated and yet to commence business operations.
Acquisition Details
The acquisition and subscription process is expected to be completed within approximately 60 days from the date of incorporation. The consideration for this investment will be in the form of cash. The SPV is focused on the renewable energy sector, aligning with global sustainability trends and the company’s long-term strategic goals. No specific governmental or regulatory approvals are currently required for this acquisition.
Source: BSE
