Deal Announcement

Khaitan & Co advised Osaka Gas Singapore, a wholly owned subsidiary of Osaka Gas Co. Ltd Japan, part of the Daigas Group on its entry to the Indian renewable energy market, through a joint venture with Clean Max Enviro Energy Solution Pvt Ltd.

Osaka Gas, through its subsidiary Osaka Gas Singapore and Japan Bank for International Cooperation (JBIC) will be forming a consortium, DJ Renewables Pte Ltd (JP Conso) in Singapore which will enter into the joint venture with Clean Max.

The joint venture company between JP Conso and Clean Max, will be post-closing called Clean Max Osaka Gas Renewable Energy Pvt Ltd (JV Co) with JP Conso holding 49% shareholding in the JV Co and the remaining 51% will be held by Clean Max.

Clean Max will be transferring selected renewable energy projects to the JV Co and the JV Co aims to own and develop approximately 400 MW of assets within the next three years. Osaka Gas plans to explore further collaboration with Clean Max beyond the initial business to consider deepening the level of collaboration not only in India's renewable space but also in pursuing the possibility of new energies such as green hydrogen and e-methane, aligning with its Medium-Term Management Plan 2026.

The partnership between Osaka Gas and Clean Max, along with the Daigas Group's established City Gas Distribution business in India, highlights Osaka Group's dedication to expanding its presence in the Indian energy business and to contribute to the country's economic growth and decarbonization initiatives.