By: ICN Bureau
Last updated : January 18, 2025 10:57 am
Rallis India Limited has decided to set up a solar power plant to supply renewable energy to its manufacturing units
Styrenix Performance Materials Limited
The Board of Directors of Styrenix Performance Materials Limited has approved the proposed acquisition by the company (through a step down subsidiary) of 100% shareholding of INEOS Styrolution (Thailand) Co. from its existing shareholders, i.e. INEOS Styrolution Group GmbH. INEOS Styrolution APAC Pte. Limited and INEOS Styrolution Hong Kong Company Limited, subject to completion of customary conditions precedent.
Pursuant to the Board’s approval, the company had executed the share sale and purchase agreement with INEOS Germany on December 9, 2024. Styrenix Performance Materials Limited through Styrenix Polymers (Thailand) Co., Ltd, a step down wholly owned subsidiary of the company, has completed the acquisition of 100% shareholding of INEOS Thailand from its existing shareholders on January 17, 2025, as per the terms of the SPA and consequently, INEOS Thailand is now a step-down wholly owned subsidiary of the company.
Rallis India
Rallis India Limited has decided to set up a solar power plant to supply renewable energy to its manufacturing units with an estimated capital expenditure amount in the range of Rs. 20 - 27 crore (excluding taxes as applicable) for the said project. This move towards sustainable renewable energy sources would help to reduce electricity cost and carbon footprint.