Antony Lara Enviro Solutions (Antony Lara), a material subsidiary of Antony Waste Handling Cell, has approved and entered into Share Subscription Agreement and Shareholders' Agreement with JFE Engineering Corporation, Japan (JFE) for an investment over ¥ 750 Million in two Special Purpose Vehicles (SPVs), namely Kadapa Renew Energy and Kurnool Renew Energy, incorporated for setting up of two Waste-to-Energy Project in Andhra Pradesh.

The proposed investment shall be made through a primary issuance of shares by the aforesaid SPVs, pursuant to which JFE Engineering Corporation will acquire a minority equity stake of 25% in each of the SPVs. Presently, both the SPVs are wholly owned subsidiaries of Antony Lara.

Upon consummation of the transaction, the shareholding structure of the SPVs shall be 75% held by Antony Lara and 25% by JFE, and accordingly, the SPVs shall cease to be wholly owned subsidiaries of Antony Lara. The investment in both the SPVs will be made by Antony Lara and JFE in the aforesaid ratio.