Refex Renewables Boosts Wind Energy Ventures Amid Losses

Refex Renewables & Infrastructure Ltd reported a loss of Rs 12.69 crore in the September quarter, attributed to decreased income. The company announced plans to establish two new subsidiaries in wind energy and approved the divestment of a 24.50% stake in Refex Green Energy Limited.

Refex Renewables & Infrastructure Ltd faced a financial setback this September, reporting a consolidated loss of Rs 12.69 crore, as revealed in a recent exchange filing.

This marks an increase from the Rs 10.48 crore loss witnessed in the same quarter last year, primarily due to declining income, which fell to Rs 14.38 crore from Rs 21.36 crore in 2022.

In a strategic move, the board greenlit the founding of two wholly-owned subsidiaries focusing on wind energy, aiming to capitalize on growth opportunities and improve project financing feasibility. Additionally, the company sanctioned the sale of a 24.50% stake in Refex Green Energy Limited, securing a majority shareholding of 75.5% in the joint venture with Winvision.