7,600 Per Cent Returns: Engineering Company Expands Bio-CNG Footprint With Two New Subsidiaries To Develop Waste-Based Plants In Coimbatore And Salem Under Rs 143.61 Crore Public-Private Partnership
The stock is up by 40 per cent in just 1 year and has given multibagger returns of over 7,600 per cent in 5 years.
Refex Renewables & Infrastructure Limited has announced a significant strategic expansion in the bio-CNG segment through the incorporation of two new subsidiaries under its wholly-owned arm, Refex Green Power Limited. The newly formed entities—Refex CBG SPV (Coimbatore) Limited and Refex CBG SPV (Salem) Limited—have been established to develop and operate municipal solid waste-based bio-CNG plants in Coimbatore and Salem, respectively.
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These plants will be developed under the Public-Private Partnership (PPP) model, based on the Design, Build, Finance, Operate, and Transfer (DBFOT) framework for a duration of 20 years. Refex Renewables holds a 74 per cent equity stake in each of these subsidiaries, while the remaining 26 per cent stake is owned by Spectrum Renewable Energy Private Limited. The total investment stands at Rs 78.54 crore for the Coimbatore unit and Rs 65.07 crore for the Salem unit, aggregating to Rs 143.61 crore.
This initiative reinforces Refex Renewables' commitment to diversifying within the renewable energy sector. The focus on bio-CNG highlights the company’s aim to tap into sustainable waste-to-energy opportunities and strengthen its presence in green infrastructure projects. The move aligns with the broader strategic vision of Refex Green Power Limited to innovate within the energy transition ecosystem.
As of May 02, 2025, the stock of Refex Renewables & Infrastructure Limited is trading at Rs 718, against a 52-week high of Rs 1160 and a 52-week low of Rs 421.2. With a market capitalization of Rs 323 crore, the company is categorised as a Small-Cap player in India’s renewable energy space. It has delivered a 33.68 per cent return over the past year and a strong 108.69 per cent return over the last three years, reflecting investor interest driven by consistent project execution and sectoral tailwinds.
Refex Renewables was incorporated in 1994 and has since positioned itself in the renewable sector by offering EPC services for ground-mounted solar power plants, solar water pumps, and home solar systems. With the recent push into the bio-CNG vertical, the company is diversifying beyond solar into waste management and alternative fuels. The stock is up by 40 per cent in just 1 year and has given multibagger returns of over 7,600 per cent in 5 years.
Prominent public shareholders include Uttam Shah and Dugar Finance And Investments Limited, each holding 1.32 per cent, and S Rajesh Kumar Jain with a 1.06 per cent stake.
The ongoing focus on sustainable projects, combined with long-term public-private contracts, places Refex Renewables in a favorable position to benefit from India’s renewable energy goals.
Disclaimer: The article is for informational purposes only and not investment advice.