UFLEX Limited Expands Stake in Amplus Phoenix Energy to 17.75% for Green Energy Goals
UFLEX Limited Acquires Additional Stake in Amplus Phoenix Energy Private Limited
UFLEX Limited is set to increase its equity stake in Amplus Phoenix Energy Private Limited (“Amplus Phoenix”). Incorporated in 2021 in India, Amplus Phoenix focuses on the establishment, generation, and distribution of solar power. Although the company has not yet generated turnover from its core business, its audited balance sheet as of December 31, 2023, reported other income of Rs. 40.50 lacs.
Previously, on January 22, 2024, UFLEX acquired a 9.49% equity stake in Amplus Phoenix. Now, through an agreement executed on December 20, 2024, UFLEX will purchase an additional 8.26% of Amplus Phoenix’s total issued and subscribed share capital. This transaction involves 54,31,873 equity shares, each with a face value of Rs. 10, amounting to Rs. 5.43 crores. Upon completion, UFLEX’s total holding in Amplus Phoenix will increase to 17.75%, representing 1,16,69,603 equity shares.
Objectives of the Acquisition
UFLEX has outlined three primary goals for this strategic acquisition:
- Satisfying its green energy requirements.
- Reducing energy costs.
- Ensuring compliance with regulatory mandates for captive power consumption under electricity laws.
Key Transaction Details
- The acquisition is a cash transaction.
- Completion is expected within seven days of the agreement’s execution.
- The transaction is not categorized as a related-party transaction.
- No governmental or regulatory approvals are required.
This investment reflects UFLEX’s commitment to sustainable energy practices and regulatory compliance.