Race Eco Chain Limited has informed regarding Disclosure of material issue
RACE · price
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Race Eco Chain's subsidiary, Ganesha Recycling Chain Private Limited, invested Rs. 2 crore (cash) to acquire a 49% stake in GEM Polymers Private Limited through subscription of 2,00,000 equity shares at face value. GEM Polymers is a newly incorporated company (January 2024) engaged in the recycling business, with nil turnover since inception. The transaction qualifies as a related party transaction but the company states no promoter or group company has any interest in the target entity. The investment aligns with the group's broader objective of expanding its recycling business operations.
This is an intra-group capital infusion into a newly formed, pre-revenue entity. It reflects ongoing consolidation of subsidiaries within the Race Eco group but carries no immediate financial impact on the listed company's revenue or earnings given the target's zero turnover.