EPL Ltd Acquires 49% Stake in CMAPL for Renewable Energy Projects

EPL Limited announced via a stock exchange filing that it had signed a Share Purchase Agreement (SPA) with Clean Max Enviro Energy Solutions Private Limited (Clean Max) and Clean Max Aria Private Limited (CMAPL). This investment aims to develop a captive power generation facility for the Company under the Group Captive Power policy.

The acquisition of CMAPL by the Company does not qualify as a related party transaction. Neither the promoters nor any group companies have any vested interest in CMAPL.

Objective of Acquisition

The acquisition’s primary objective is to establish captive power generation facilities for the company. These facilities will be developed:

• In Maharashtra, with a wind capacity of 3.3 MW and a solar capacity of 3.3 MWp DC (equivalent to 2.2 MW AC).
• In Gujarat, with a hybrid capacity of 3.3 MW (comprising 3.3 MW from wind and 2.15 MWp from solar).

These facilities will serve the Company’s plants in Vasind and Wada (Maharashtra) and Vapi (Gujarat).

Acquisition Details

Indicative Time Period: The acquisition is expected to be completed within 20 working days.

Nature of Consideration: Cash

Cost of Acquisition: The Company will acquire 4,900 equity shares of face value ₹10 each, totalling ₹49,000, to obtain a 49% shareholding in CMAPL from Clean Max Enviro Energy Solutions Private Limited.

Percentage of Shareholding Acquired: 49% of CMAPL’s equity shares.

About CMAPL

Clean Max Aria Private Limited (CMAPL), incorporated on December 20, 2023, is a Special Purpose Vehicle (SPV) to develop a captive power generation facility under the Group Captive Power policy. CMAPL operates exclusively in India. It operates in the industry of captive power generation through renewable energy sources. It has an authorised share capital of ₹1,00,000 divided into 10,000 equity shares of ₹10 each and a paid-up share capital of the same amount.

About EPL Limited

EPL Limited, previously known as Essel Propack Limited, is the world’s largest speciality packaging company. It manufactures laminated plastic tubes for industries such as Beauty and cosmetics, Pharmaceutical and health, Food, Oral, and Home care.

On July 12, 2024, the share price of EPL Ltd opened at ₹235.00, touching the day’s high of ₹241.90 as of 01:47 PM on the NSE.

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