Raj Kumar Modani and Sanjay Modani agreed to acquire 99.32% stake in Abhay Innovative Recycling Limited from Race Eco Chain Limited (BSE:537785) for approximately INR 380 million on May 28, 2024. The consideration consists of INR 377.5 million in cash. As part of the consideration, INR 377.5 million was paid towards common equity. The deal is subject to the shareholder approval and regulatory approval. Abhay Innovative Recycling Limited reported a total revenue of INR 898.25 and total common equity of INR 378.55. The deal is expected to be completed on or before October 31, 2024.

Raj Kumar Modani and Sanjay Modani completed the acquisition of 99.32% stake in Abhay Innovative Recycling Limited from Race Eco Chain Limited (BSE:537785) on July 3, 2024.