UPL Limited has purchased 27,50,000 equity shares of Kerala Enviro Infrastructure Ltd. (KEIL), an associate of UPL, taking its holding from 23.32% to 31.07%.

 

KEIL is a public limited company incorporated in 2005. As per the project agreement entered with Kerala State Industrial Development Corporate Limited (KSIDC) in the year 2012, UPL was appointed as the developer for Kerala Enviro Infrastructure Ltd (KEIL) under competitive bidding process to develop common hazardous waste treatment, storage & disposal facility at Ernakulam for hazardous waste generated from industries. KEIL disposes solid hazardous waste from various industries in the state of Kerala, in engineered landfills, after treatment as required. FY 2021-22 turnover of KEIL was Rs.18.71 crore whereas turnover for FY 2020-21is Rs. 12.65 crore. 

 

The company and its other consortium partners collectively held 59.14% investment in KEIL with UPL’s share being 23.32% of the total capital. UPL in line with the bid arrangement has acquired 27,50,000 shares, taking its holding from 23.32% to 31.07%.

 

KEIL is an associate of UPL and continues to be the associate post increase of holding. The shares have been acquired from BEIL Infrastructure Limited, which is a promoter group entity engaged in providing environmental solutions, hence related party transactions.

 

KEIL issued shares on rights basis in April, 2022 to its shareholders and accordingly 27,50,000 equity shares are acquired from BEIL at the same rights issue price i.e. Rs. 17.07 per share.

 

The Company has been holding investment in KEIL since February 2007. KEIL offers environmental solutions to chemical industries in which UPL operates and supports sustainability of operations.

 

In another development, UPL Limited has incorporated a wholly-owned subsidiary Advanta Enterprises Private Limited (AEPL) focused on agri-value chain with an authorised capital of Rs. one crore. Advanta Enterprises Private Limited has a paid up capital of Rs. 1 lakh divided into Rs. 10,000 equity shares of Rs. 10 each.