Welspun India announced that it has acquired 26% stake in Clean Max Thanos (CTPL).
As a part of environmental, social, and governance (ESG) journey, the company has entered into an arrangement for supply of renewable energy under captive structure from Clean Max Thanos (CTPL).
CTPL will set up a renewable energy project under Hybrid Policy of the Government of Gujarat and the company’s Vapi factory will acquire renewable energy from the proposed project of CTPL.
Welspun India said that the implementation of renewable energy project in the state of Gujarat as a captive unit for supply of renewable energy to the company’s Vapi factory. CTPL is expected to commence supply of renewable energy to the firm’s Vapi factory by 31 March 2023.
CTPL is a special purpose vehicle formed for this project. It is engaged in business of generation and supply of Renewable Energy.
CleanMax is Asia’s leading renewable energy company in the C&I (commercial and industrial) sector with 1GW of operating renewable assets. It pioneered the ‘Energy Sale’ model for rooftop solar in India in 2011 and focusing on the vision of being the sustainability partner of choice for corporates. CleanMax is already working with more than 350 corporates for their renewable energy requirements.
Welspun India is one of the largest home textile manufacturers in the world. The company offers a wide spectrum of home & technical textile products and flooring solutions.