Refex Renewables & Infrastructure arm acquires 51% stake in Vyzag Bio
Last Updated: Dec 30, 2024, 05:51:00 PM IST
Refex Renewables & Infrastructure on Monday said its arm Refex Sustainability Solutions Ltd (RSSL) has completed acquisition of 51 per cent stake in Vyzag Bio-Energy Fuel.
Refex Renewables & Infrastructure on Monday said its arm Refex Sustainability Solutions Ltd (RSSL) has completed acquisition of 51 per cent stake in Vyzag Bio-Energy Fuel.
According to a regulatory filing, Vyzag Bio-Energy Fuel (Vyzag Bio) has become a subsidiary of RSSL and step-down subsidiary of Refex Renewables & Infrastructure from December 30, 2024.
RSSL, a wholly-owned subsidiary firm, has completed the acquisition of 51.03 per cent equity stake, from the existing promoters and investment by way of fresh equity infusion in Vyzag Bio, thereby, making this entity, a subsidiary of RSSL and step-down subsidiary of Refex Renewables & Infrastructure from December 30, 2024, the filing said.
Vyzag Bio operates a Compressed Bio-Gas (CBG) plant producing biogas from segregated municipal waste, which involves processing organic material derived from municipal solid waste.
The plant is designed with a capacity to output 850 kg of CBG per day, making it a significant contributor to green fuel production.
Earlier, in a separate filing, the company stated that the cost of acquisition is approximately Rs 2.90 crore, towards acquiring shares from existing promoters and fresh capital infusion.
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