Sangam India textile conglomerate has acquired an approximately 0.97% equity stake in CGE II Hybrid Energy Private Limited for Rs 4.76 crore (US $0.50 million). The investment is aimed at securing renewable power under captive status for the company’s manufacturing units in Bhilwara, Rajasthan.
The transaction was completed on October 5, following approval from the Investment and Borrowing Committee of Sangam’s Board.
The company entered into a Power Consumption Agreement and a Share Purchase & Shareholders Agreement with CGE II Hybrid Energy and its parent company, Continuum Green Energy Limited.
The investment will support captive renewable power consumption of up to 5 MW for Sangam’s manufacturing plants in Village Atun, Sareri and Billiya Kalan in Bhilwara district.
The wind-solar hybrid power project qualifies as a captive consumption project under the applicable electricity regulations.
CGE II Hybrid Energy, incorporated in December 2021, is a subsidiary of Continuum Green Energy Limited and is engaged in renewable power generation and supply in Rajasthan.
The company reported turnover of Rs 65.57 crore (US $6.94 million) for FY26, compared with nil turnover in FY25 and FY24.
The target company has an authorised share capital of Rs 550 crore (US $58.20 million) and paid-up share capital of Rs 492.42 crore (US $5.21 million).
