Styrenix Performance Materials Ltd.

Styrenix Performance Materials has entered into definitive agreements to acquire 36.13% equity shares of Clean Max Jasper (CMJPL), a company formed by Clean Max Enviro Energy Solutions (Promoter Shareholder) and engaged in generation and transmission of renewable energy. 

The acquisition is for complying with regulatory requirements related to captive power consumption under electricity laws and for the purposes of meeting the company’s green energy needs, optimising energy cost. CMJPL shall offer the captive open access model to supply power to the company, in the state of Gujarat. The said acquisition is expected to be completed within period of 3 months.  

Styrenix Performance Materials is the number one producer of Absolac (ABS) and Absolan (SAN) in India. ABS is a plastic resin produced from acrylonitrile, butadiene and styrene, used for manufacturing home appliances, automobiles, consumer durables and machinery.