Clean Science -; Tech to incorporate wholly-owned subsidiary with an investment of Rs200 crore

14 Mar 2022 , 04:29 PM

In its meeting held on March 14, 2022, Clean Science & Technology Limited has informed the investors and exchanges that the company’s Board of Directors has approved the incorporation of a wholly-owned subsidiary of the company.

The proposed wholly-owned subsidiary once formed, would agree to the assignment of the lease to acquire Plot No. D-2, MIDC Kurkumbh, Taluka Daund, Dist. Pune, admeasuring 1,32,687,50 Sq. Mtr. from Shree Samrat Pulp and Paper Private Limited, subject to obtaining various approvals and permissions from the concerned authorities including MIDC. The proposed WOS company to be incorporated in India shall carry out the business of manufacturing Speciality Chemicals. Total investment in the proposed WOS would be up to Rs.200 Crores which will be made in tranches.

Clean Science & Technology was trading 1.80% lower at Rs2,018 against its previous closing price of Rs2,054.90 on NSE. The scrip touched an intraday high and low of Rs2,062 and 2,002.65 respectively.