Kolkata, India (July 16, 2024): Himadri Speciality Chemical Ltd. (HSCL) announced today that its wholly-owned subsidiary, Himadri Clean Energy Limited (HCEL), has proposed to acquire 100% shareholding of Himadri Green Technologies Innovation Limited, making it a wholly-owned step-down subsidiary. The acquisition, approved by HSCL's Board of Directors, is expected to be completed within 60 days.
The target company, Himadri Green Technologies Innovation Limited, is a related party of HSCL and is currently owned by the promoters and their relatives. The acquisition, while considered a related party transaction, is being executed at arm's length and complies with applicable regulations.
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