Refex Renewables & Infrastructure Ltd. has announced that its wholly-owned subsidiary, Refex Sustainability Solutions Ltd. (RSSL), has completed the acquisition of a controlling stake in compressed biogas (CBG) player Vyzag Bio-Energy Fuel. The company mentioned that the investment amounts to Rs 2.90 crore.
RSSL has acquired a 51.03% equity stake through a combination of purchases from existing promoters and fresh equity infusion into Vyzag Bio. This acquisition makes Vyzag Bio-Energy a subsidiary of RSSL and a step-down subsidiary of Refex Renewables & Infrastructure Ltd., the company disclosed in an exchange filing.
Vyzag Bio-Energy operates a compressed biogas (CBG) plant that converts segregated municipal waste into biogas by processing organic materials from municipal solid waste. The plant has a daily production capacity of 850 kg of CBG, contributing significantly to the green fuel sector.
Refex Renewables held in the mandatory filing, “The company has an existing and already established bio-gas plant located within the property situated in Survey No. 314 of Kapulauppada Visakhapatnam belonging to the Greater Visakhapatnam Municipal Corporation (GVMC), with an input capacity of 30 tonnes per day (TPD) of waste treatment. Moreover, the company is also desirous of expanding and developing the existing plant with a further capacity of 70 TPD, by way of increasing the total plant input capacity to 100 TPD.”
Refex Renewables mentioned in the same filing that acquiring Vyzag Bio aligns with company’s strategic expansion plans and marks its entry into the CBG business.
“This acquisition would facilitate the company, as a whole, to diversify its portfolio in the renewables sector and enter into new markets in the CBG segment. In the thrust towards ESG, this business is eco-friendly and would result in a reduction in carbon footprint,” said Refex Renewables.
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