Polyplex Corporation Limited to Invest in Clean Max Neht Private Limited for Solar Power Acquisition
Polyplex Corporation Limited announced on March 25, 2026, that its Board of Directors approved an investment of up to Rs. 1,100 Lakh in Clean Max Neht Private Limited, a special purpose vehicle (SPV). The investment is intended to secure equity for the purchase of solar power for the company’s plants in Khatima and Bazpur.Clean Max Neht Private Limited was incorporated on November 10, 2025, in Mumbai. The transaction is not considered a related party transaction, and the company's promoters or group companies have no interest in the SPV.
The investment aims to meet green energy needs, optimize energy costs, and comply with regulatory requirements for captive power consumption. The anticipated time for completion of the acquisition is approximately 365 days from the execution of the Power Purchase Agreement and Share Subscription and Shareholders Agreement. The consideration for the acquisition will be in cash, representing an investment in approximately 49% equity shareholding in Clean Max Neht Private Limited. Governmental or regulatory approvals are not required for this acquisition.
| Particulars | Details | |
|---|---|---|
| a) | Name of the target entity, details in brief such as size, turnover etc.; | Clean Max Neht Private Limited, a company incorporated on 10.11.2025 in India, having its registered office in Mumbai. Turnover: Not Applicable being a newly incorporated company |
| g) | Consideration - whether cash consideration or share swap or any other form and details of the same; | Consideration in cash |
| h) | Cost of acquisition and/or the price at which the shares are acquired; | The Company proposes to invest upto Rs. 1,100 Lakh (approx..) for the acquisition of ~49% equity shareholding in the above mentioned SPV |
| i) | Percentage of shareholding / control acquired and / or number of shares acquired; | The Company proposes to invest upto Rs. 1,100 Lakh (approx..) for the acquisition of ~49% equity shareholding in the above mentioned SPV |
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