Sangam (India) Limited shareholders approved the appointment of Ranjan Jagetia as an Independent Director through a postal ballot process concluded on October 15, 2026.

The resolution, passed by special majority, received 40,664,411 votes in favour against just 218 votes against. The voting was conducted exclusively via remote e-voting under Section 110 of the Companies Act, 2013.

Voting breakdown

The scrutiny report submitted by B.K. Sharma & Associates detailed the distribution of votes across shareholder categories. Promoters and promoter group members voted unanimously in favour of the appointment.

What the Numbers Show

The overwhelming support from institutional investors highlights strong confidence in the board's nomination. Notably, all 5,209,028 votes cast by public institutions were in favour, indicating no dissent among professional investors. The only opposition came from non-institutional retail shareholders, who accounted for the entire 218 dissenting votes out of nearly 40.6 million total votes polled.

Sangam (India) Limited has acquired an approximately 0.97% equity stake in CGE II Hybrid Energy Private Limited for a total consideration of ₹4.76 crore. The transaction, completed on October 5, 2026, aims to secure renewable energy under captive status for the company's manufacturing units in Rajasthan.

The acquisition was approved by the Investment and Borrowing Committee of the Board. Sangam executed both a Power Consumption Agreement and a Share Purchase & Shareholders Agreement with CGE II Hybrid Energy Private Limited and its parent, Continuum Green Energy Limited. The deal is structured as a cash payment made through online banking.

Strategic objective: Captive power

The primary motive behind the investment is to enhance captive renewable power consumption by up to 5 MW for Sangam’s plants located in Village Atun, Sareri, and Billiya Kalan in District Bhilwara, Rajasthan. The Wind-Solar Hybrid Power Project qualifies as a captive consumption project under the applicable Electricity Act and Rules, allowing the textile manufacturer to optimize its energy costs and sustainability profile.

The filing confirms that the proposed acquisition does not fall under related party transactions, as the promoter group holds no interest in the target entity. No specific government or regulatory approvals were required for this transaction.

Target entity financials

CGE II Hybrid Energy Private Limited is a subsidiary of Continuum Green Energy Limited, incorporated on December 2, 2021, specifically for renewable power generation and supply in Rajasthan. The target entity reported a turnover of ₹65.569 crore as on March 31, 2026, marking a significant shift from nil turnover in the preceding two fiscal years.

What the numbers show

The acquisition highlights a strategic alignment between capital expenditure and operational efficiency. While the equity stake is minor at 0.97%, the accompanying Power Consumption Agreement secures a fixed capacity of 5 MW. This structure suggests that the value proposition lies less in equity appreciation from the minority holding and more in the long-term stability of energy costs for Sangam’s Bhilwara operations. The target entity’s transition from zero revenue in FY24 and FY25 to ₹65.569 crore in FY26 indicates that the project has recently commenced commercial operations, aligning with Sangam’s immediate need for power supply.