AIA Engineering acquires 26% stake in CMPL
2nd Jan 2023

AIA Engineering has acquired 26% stake in Clean Max Meridius through executing Shareholders' Agreement. AIA Engineering has executed Shareholders' Agreement with Clean Max Enviro Energy (Promoter Shareholder) and Clean Max Meridius (CMPL) to subscribe additional 21,878 Equity Shares at Rs 1,810 (including Premium of Rs 1,800 per share) by way of Right Issue to maintain its 26% stake in CMPL.

The company wishes to offtake the Contracted Quantity of Electricity generated from the Project as a Captive User under manufacturing units in Gujarat in view of intrastate open access arrangement for its significant financial/commercial benefits.

AIA Engineering, a certified ISO 9001 company, specialises in the design, development, manufacture, installation and servicing of high chromium wear, corrosion and abrasion resistant castings used in the cement, mining and thermal power generation industries.