RELAXO Footwears Invests ₹2.5 Cr in New SPV for Captive Solar Power

RELAXO Footwears Limited has incorporated a new Special Purpose Vehicle (SPV), Clean Max MUOI Private Limited, on June 13, 2026, to develop, operate, and maintain captive solar power projects. The SPV will supply renewable energy directly to RELAXO’s manufacturing facilities in Haryana. Key Deal Details: Investment & Stake: RELAXO proposes to invest up to ₹2.50 crore to acquire an approximate 26% equity stake in the SPV. Entity Classification: Upon completion of the investment, the SPV will be classified as an associate company of RELAXO Footwears. Governance: The transaction is executed on an arm’s-length basis in cash. It does not qualify as a related-party transaction, and no promoter or group companies hold any interest in the SPV. Timeline: The acquisition and subscription process is expected to be completed within 60 days. Strategic Rationale: Cost Optimization: Securing captive solar power will significantly reduce grid-dependency and optimize long-term energy costs for RELAXO's manufacturing operations. ESG & Sustainability Goals: The move accelerates RELAXO’s transition toward green energy, aligning with global sustainability trends and regulatory requirements for captive power consumption. Operational Resilience: Ensures a dedicated, reliable, and cost-effective power supply for its production facilities in Haryana. Outlook: As a newly incorporated entity, Clean Max MUOI is yet to commence operations. This strategic minority stake allows RELAXO to secure green power without bearing the full capital expenditure of developing the solar asset on its own balance sheet. $RELAXO