Incorporation of a new subsidiary as SPV, namely, Refex CBG SPV (Madurai) Limited, by Refex Green Power Limited, a wholly-owned subsidiary of the Company.
Awaiting price reaction for this filing.
Refex Renewables & Infrastructure Ltd announced that its wholly-owned subsidiary Refex Green Power Limited (RGPL) has incorporated a new company, Refex CBG SPV (Madurai) Limited, making it a step-down subsidiary. RGPL holds a 74% equity stake while consortium partner Spectrum Renewable Energy Private Limited (SREPL) holds the remaining 26%. The SPV has been set up to establish a 250 TPD municipal solid waste-based bio-CNG plant at Avaniyapuram village, Madurai, under a PPP model on a DBFOT basis for 20 years. The estimated project cost is around ₹78.54 crore, with the SPV having an initial paid-up capital of ₹10 lakh. This follows earlier disclosures about three tenders won by RGPL for bio-CNG plants in Salem, Coimbatore, and Madurai.
This is a positive development as it advances the company's bio-CNG project pipeline, adding a third operational SPV. Shareholders benefit from expanded project execution in the renewable energy segment, though the immediate financial impact is minimal given the small initial capital outlay.