M&A Critique

Refex Green Mobility Demerger Analysis and Valuation Concerns

Recently, Refex Industries Limited announced that it will separately list its green mobility business through a series of restructuring steps, a segment the company only began building in 2023. While the move is positioned as a value-creation exercise, the question remains: given its small size and substantial capital needs, can this fledgling business truly hold its ground as an independently listed entity?

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Aniruddha Jain

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