MRF to invest ₹7.26 crore in clean energy venture.

Tyre manufacturer MRF Limited has announced its intention to acquire a 26 percent stake in Clean Max Omni Private Limited for ₹7.26 crore, signaling a strategic move into the renewable energy sector. The Chennai-based company has entered into a captive power purchase agreement with Clean Max Omni for a hybrid power supply, in line with the government’s captive power policy.

Clean Max Omni, which was incorporated in July 2023 in Mumbai, specializes in the development of clean and green energy. The acquisition is expected to be finalized within 3-4 months through a cash transaction, aiming to bolster MRF's renewable energy sourcing via the group captive generation mechanism outlined in the Electricity Act.

Although Clean Max Omni has yet to commence commercial operations, it plans to focus on wind power generation. MRF emphasized that this transaction is not a related party deal and does not require any specific governmental or regulatory approvals.

HBL