Omnitex Industries has announced a board meeting approving an investment of up to INR 170 Cr in Blue Energy Motors Limited by subscribing to equity and compulsorily convertible preference shares.

This investment represents a 4.62% stake in Blue Energy Motors, a company engaged in manufacturing electric and LNG-fueled vehicles, and related components.

Blue Energy Motors reported a turnover of INR 133.38 Cr (unaudited) in the latest fiscal year.

The investment is a proprietary treasury move outside Omnitex’s core business and is expected to complete within a month, subject to customary conditions.