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The Phoenix Mills Limited invests Rs 57.69 crore in O2 Renewable Energy for solar power access
29-Jul-2026, 02:01
The Phoenix Mills Limited, along with its subsidiary Offbeat Developers Private Limited, has entered into an amendment to the Security Subscription and Shareholders’ Agreement with JSW Neo Energy Limited and O2 Renewable Energy XXVIII Private Limited to subscribe to equity shares and Series B Compulsory Convertible Debentures, totaling Rs 57,69,00,000, enabling them to qualify as captive users of solar power. The acquisition, which does not constitute a related-party transaction, will allow The Phoenix Mills and Offbeat to meet requirements under The Electricity Act 2003 and The Electricity Rules 2005, with a target shareholding not exceeding 45% in O2 Renewable Energy XXVIII, incorporated on July 31, 2024.
The Phoenix Mills Limited, along with its subsidiary Offbeat Developers Private Limited, has entered into an amendment to the Security Subscription and Shareholders’ Agreement with JSW Neo Energy Limited and O2 Renewable Energy XXVIII Private Limited to subscribe to equity shares and Series B Compulsory Convertible Debentures, totaling Rs 57,69,00,000, enabling them to qualify as captive users of solar power. The acquisition, which does not constitute a related-party transaction, will allow The Phoenix Mills and Offbeat to meet requirements under The Electricity Act 2003 and The Electricity Rules 2005, with a target shareholding not exceeding 45% in O2 Renewable Energy XXVIII, incorporated on July 31, 2024.