Astec Lifesciences has received approval from Board of Directors for equity investment upto Rs 3.75 crore in a proposed Special Purpose Vehicle (SPV) to be set up with Clean Max Enviro Energy Solutions, for generating solar power under the group captive model envisaged under the Electricity Act, 2003 read with the Electricity Rules, 2005.
The proposed investment is for long-term consumption of renewable power by the Company as the Consumer from a solar captive generating plant through a Special Purpose Vehicle. The Company proposes to subscribe to / invest in 26% equity stake in a proposed Special Purpose Vehicle. The said investment will be completed on or before March 31, 2026.
The Board of Directors of the Company at its meeting held on January 27, 2025 has approved the same.
Established in 1994, Astec Lifesciences manufactures a wide range of agrochemicals and pharmaceutical intermediates.
