Laxmi Organic Industries has signed Share Subscription and Shareholders’ Agreement with Radiance MH Sunrise Seven and Radiance Renewables, for acquiring 15,12,000 equity shares constituting 26% of the total share capital of Radiance MH Sunrise Seven for a sum not exceeding to around Rs 1.51 crore. The said acquisition is expected to be completed by March 11, 2022.
The company has entered into a Power Purchase Agreement with Radiance, who is in the business of owning, operating and maintenance of the captive power generating plant and supply of electricity. In line with the statutory requirements to avail such power / electricity for captive usage, the company is required to become a shareholder of Radiance by acquiring its 26% of the total share capital.
Laxmi Organic Industries is a leading manufacturer of acetyl intermediates and specialty intermediates and solvents catering to diverse end-market sectors like pharmaceuticals, agrochemicals, food packaging, pigments and coatings.
