Increase in stake in Corbel Energy Private Limited
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Croissance Ltd's board has decided to increase its stake in Corbel Energy Private Limited from 49% to 75%, converting it from an associate company into a subsidiary. Corbel Energy is a newly incorporated entity (May 2024) operating in the green energy, biofuels, ethanol, and agricultural sectors. The transaction is a related-party deal, as Croissance is the promoter of Corbel Energy. The cost of acquisition has not been disclosed in this filing. The move aligns with the company's strategic push into green energy and biofuels, which shareholders approved at an EGM in April 2024.
This consolidation strengthens Croissance's control over its green energy/biofuel subsidiary and could support future growth in that segment. However, the small size of Corbel Energy (Rs. 10 lakh authorised capital, no turnover yet) and the undisclosed acquisition cost may limit immediate financial impact on shareholders.