Styrenix Performance Materials to Acquire 36.13% Stake in Clean Max Jasper for Green Energy and Cost Optimization

Styrenix Performance Materials Ltd has entered into definitive agreements to acquire 36.13% equity shares of Clean Max Jasper Pvt. Ltd. The acquisition is aimed at complying with regulatory requirements related to captive power consumption under electricity laws and for meeting the company’s green energy needs, optimizing energy cost. Clean Max Jasper Pvt. Ltd. is a special purpose vehicle for setting up wind-solar hybrid power generation on a captive basis. Styrenix Performance Materials will initially purchase 3,613 equity shares of Clean Max Jasper Pvt. Ltd. from Clean Max Enviro Energy Solutions Pvt Ltd for a total consideration of Rs. 36,130. The company has also agreed to invest up to Rs. 7,66,50,000 in CMJPL through subscribing right shares or through any other mode.