Antony Waste Handling Cell Limited has informed the Exchange about Execution of Agreements by Antony Lara Enviro Solutions Private Limited with JFE Engineering Corporation
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Antony Waste Handling Cell's material subsidiary Antony Lara Enviro Solutions has signed Share Subscription and Shareholders' Agreements with Japan's JFE Engineering Corporation for an investment of up to ¥750 million. The funds will go into two Special Purpose Vehicles—Kadapa Renew Energy Private Limited and Kurnool Renew Energy Private Limited—which are developing Waste-to-Energy projects in Andhra Pradesh. JFE will acquire a 25% minority stake in each SPV, reducing Antony Lara's holding from 100% to 75%. As a result, these SPVs will no longer be wholly-owned subsidiaries. JFE will have rights to appoint a nominee director and certain reserved matters for protection.
The dilution of subsidiaries from wholly-owned to 75%-held entities represents partial divestment of control in these waste-to-energy projects, though the parent company's direct shareholding pattern remains unchanged. The partnership brings in Japanese expertise and capital for growth but reduces consolidation benefits from these SPVs.