Indian Energy Exchange to Purchase 10% Stake in Enviro Enablers India Pvt Ltd

07 Oct, 2023

Indian Energy Exchange to Purchase 10% Stake in Enviro Enablers India Pvt Ltd

The Indian Energy Exchange (IEX) made a significant announcement on Friday, revealing that it has formalized a share subscription agreement and shareholders' agreement with Enviro Enablers India Private Limited (EEIPL). According to this agreement, IEX will acquire a 10% stake in EEIPL through Compulsory Convertible Preference Shares (CCPS). This strategic move underscores IEX's dedication to sustainability and decarbonization, aligning with India's net-zero commitments and the promotion of a circular economy, as outlined in a company press release.

This collaboration aims to enhance EEIPL's Material Waste Platform (MWP), which serves as a hub for all stakeholders in the waste sector. MWP holds the potential to revolutionize the scientific processing of waste materials across India, ultimately contributing to the establishment of a circular economy for a diverse range of waste materials.

SN Goel, Chairman and Managing Director of IEX, expressed enthusiasm about this partnership, stating, "IEX is proud to associate with Enviro Enablers and to partner in this circular economy platform. This partnership reaffirms our steadfast commitment to sustainability and decarbonization, aligning seamlessly with India's net-zero goals. The platform will catalyze solutions for compliant waste management, including segregation, processing, recycling, tracking, tracing, and valorization of waste fractions, all while uplifting informal waste pickers."

Govindaswamy Mahesh Babu, representing EEIPL, emphasized the significance of this collaboration, saying, "Our collaboration with the Indian Energy Exchange is a crucial union that combines environmental stewardship with energy expertise. This strategic alliance paves the way for a transformative journey towards sustainability and circularity within India's energy landscape. Together, we are committed to aligning our initiatives with India's ambitious net-zero commitments, focusing specifically on creating a more eco-conscious, energy-efficient future."

He further added, "This partnership emphasizes our unwavering commitment to pioneering innovative solutions and fostering a green and environmentally responsible future."