Polyplex Corporation Limited announced its decision to withdraw from a previously proposed investment of up to Rs. 1,100 Lakh for an equity stake in Clean Max Neht Private Limited. This SPV was intended to facilitate the purchase of solar power for the company’s plants. The Board of Directors reviewed the proposal and concluded that the investment would not yield the expected economies or savings due to changes in economic factors.
Polyplex Reverses Solar Investment Decision
Polyplex Corporation Limited has formally decided not to proceed with its planned investment of up to Rs. 1,100 Lakh (Rupees Eleven Hundred Lakh only). This investment was earmarked for acquiring an equity stake in Clean Max Neht Private Limited, an entity established to procure solar power for Polyplex’s manufacturing facilities located in Khatima and Bazpur. The decision was made by the company’s Board of Directors following a review of the proposal.
Reasons for Withdrawal
The Board’s resolution to withdraw from the investment stems from a reassessment of the projected financial outcomes. According to the company’s statement, recent changes in economic conditions have altered the anticipated economies and savings that were expected to be realized from this specific investment. Consequently, the proposal is no longer deemed financially viable or beneficial.
Board Meeting Details
The decision was finalized during a Board Meeting that commenced on November 13, 2026, at approximately 1510 Hours (IST) and concluded at about 1636 Hours (IST) on the same day.
Source: BSE
