The Phoenix Mills Limited has informed the Exchange about Acquisition
PHOENIXLTD · price
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Phoenix Mills' subsidiary Pallazzio Hotels & Leisure Limited has signed agreements with JSW Neo Energy and O2 Renewable Energy XXX Private Limited to invest Rs. 4.73 crore for captive solar power. Pallazzio will subscribe to 4,73,000 equity shares (Rs. 10 each) and 42,570 Series B Compulsory Convertible Debentures (Rs. 1,000 each) of O2 Renewable XXX. This will give Pallazzio a 40-45% stake in O2 Renewable XXX, which is being set up to develop a solar power captive generating station. JSW Neo Energy is the promoter of O2 Renewable XXX. The deal is not a related party transaction and aims to meet the 26% minimum shareholding requirement under the Electricity Act 2003 for captive user status. A Power Purchase Agreement has also been signed for solar power supply to Pallazzio.
This is a small (Rs. 4.73 crore) but strategic investment that secures renewable energy supply for Pallazzio's hotel operations, reducing long-term power costs and supporting sustainability goals. For shareholders, this signals Phoenix Mills' push into green energy for its hospitality business, though the financial impact on the parent company is minor.