Antony Waste Handling Cell has acquired a 26% stake in Arts EV Private Limited, marking its entry into the electric mobility ecosystem through a strategic partnership. The acquisition enables the waste management firm to extend its proprietary 'Click2Clean' sanitation services to a fleet of up to 800 electric public transport buses in Delhi, awarded under the PM E-DRIVE Scheme. This move diversifies the company's revenue streams beyond municipal waste management into adjacent non-municipal business verticals.

The transaction was executed via a Share Purchase Agreement (SPA) and Shareholders' Agreement (SHA) dated July 28, 2026, with Antony Road Transport Solutions Private Limited, an entity within the company's Promoter Group. As a related party transaction, the deal was conducted on an arm's length basis. Antony Waste paid an aggregate cash consideration of ₹26,000 for 2,600 equity shares of face value ₹10 each. Upon completion, Arts EV becomes an associate company of Antony Waste.

Arts EV, incorporated on June 16, 2026, serves as the special purpose vehicle (SPV) for the Delhi bus project. It holds an authorized share capital of ₹15,00,000 and a paid-up share capital of ₹1,00,000. Being a recently incorporated entity, it has no turnover history. The SPV structure allows the consortium to manage the procurement, operation, and maintenance of the electric bus fleet efficiently.

The consortium roles are clearly demarcated between the two promoters. Antony Road Transport, holding a 74% stake as the Lead Member, is responsible for business development, fleet procurement, financing, and overall operational management. Antony Waste, as the Strategic Member with a 26% stake, will exclusively provide bus cleaning, sanitation, and allied hygiene-management services. Any additional capital contributions required by lenders will be made without altering these agreed responsibilities.

Transaction Details

The key parameters of the acquisition are summarised below:

Strategic Rationale

The acquisition aligns with Antony Waste's long-term strategy to explore scalable opportunities in the mobility sector, driven by increasing privatization and electrification in India's public transport. By leveraging its expertise in hygiene management, the company aims to capture value from the growing demand for sanitation services in electric fleets. No governmental or regulatory approvals are required for this acquisition, streamlining the implementation process.

Antony Waste Handling Cell has fixed the term of Shiju Jacob Kallarakal as Executive Director for a period of five years, effective from July 28, 2026, to July 27, 2031. The decision was taken by the Board of Directors on the recommendation of the Nomination and Remuneration Committee during a meeting held on July 28, 2026. The appointment requires ratification by shareholders at the company’s 25th Annual General Meeting.

The Board confirmed that Mr. Kallarakal is not debarred from holding office by any order passed by SEBI or other competent authorities. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the SEBI Master Circular dated January 30, 2026.

Director Profile

Shiju Jacob Kallarakal has been associated with Antony Waste Handling Cell since its inception in 2001. He holds a Bachelor’s degree in Chemical Engineering from Bharati Vidyapeeth’s College of Engineering, University of Mumbai. With over two decades of experience in the Solid Waste Management sector, he has played a key role in expanding the company’s operational footprint across collection, transportation, mechanised sweeping, waste processing, and Waste-to-Energy initiatives.

Previously serving as Executive Director and Chief Financial Officer, Mr. Kallarakal now holds the mandate of Executive Director and Chief Risk Officer. In this role, he oversees enterprise risk management, drives operational efficiency through technology adoption such as GPS/RFID enabled fleet tracking, and manages strategic implementation.

Key Details

The fixation of term includes provisions for remuneration over the five-year period. The move ensures continuity in leadership for the company’s risk management and operational strategy functions.