Styrenix Acquires 36.13% Stake in Clean Max Jasper for Renewable Energy Compliance

Styrenix Performance Materials Limited has entered into an agreement to acquire a 36.13% equity stake in Clean Max Jasper Pvt. Ltd. (CMJPL), a special purpose vehicle (SPV) established by Clean Max Enviro Energy Solutions Pvt. Ltd. for renewable energy generation and transmission. This acquisition aligns with regulatory requirements for captive power consumption under electricity laws and supports Styrenix’s green energy initiatives while optimizing energy costs.

Acquisition Details

• Target Entity: Clean Max Jasper Pvt. Ltd. (CMJPL)

  • A dedicated SPV for wind-solar hybrid power generation on a captive basis.
  • Incorporated on May 23, 2024.
  • Newly incorporated; hence, financial details such as size and turnover are not applicable.
  • Registered Office: Mumbai, Maharashtra, India.
  • CMJPL will supply power to Styrenix’s plant in Gujarat.

• Industry: Renewable energy, specializing in wind-solar hybrid power generation and transmission.

• Objective of Acquisition:

  • Compliance with captive power consumption regulations.
  • Fulfillment of Styrenix’s green energy requirements.
  • Cost optimization in energy procurement.

• Transaction Details:

  • Not a Related Party Transaction: No involvement of the Promoter/Promoter Group.
  • Consideration:
    • Initial Investment: Purchase of 3,613 equity shares at par value for a total of ₹36,130.
    • Further Investment Commitment: Up to ₹7,66,50,000 through right shares or other investment modes.
  • Final Shareholding: Styrenix will hold 36.13% of CMJPL’s equity.

• Completion Timeline: Expected within three months.

• Regulatory Approvals: No governmental or regulatory approvals are required.

• Power Supply Details: CMJPL will provide approximately 7.3 MVA of hybrid renewable energy to Styrenix’s Moxi and Katol plants.

This acquisition reinforces Styrenix’s commitment to sustainable energy and regulatory compliance while ensuring long-term cost efficiency.