Indag Rubber Limited has approved a strategic investment of ₹2.30 Crores to acquire a 51% stake in its subsidiary, Millenium Manufacturing Systems Private Limited. The Board of Directors sanctioned the proposal on May 28, 2026, to support the investee company's business operations and growth plans. The acquisition will be executed through the subscription of equity and preference shares at face value, with completion scheduled on or before March 31, 2027.

The transaction falls under the ambit of related party transactions as the investee company is a subsidiary. The remaining 49% of the paid-up share capital will be subscribed by two other entities in equal proportion, which are related parties due to common control of the promoters. The deal was conducted at arm's length and was recommended by the Audit Committee.

Millenium Manufacturing Systems Private Limited operates in the green energy sector, specifically manufacturing power conversion systems (PCS) for battery energy storage systems (BESS) and power electronics. The entity was incorporated on April 9, 2023, and maintains its presence exclusively in India. No specific governmental or regulatory approvals are required for this acquisition.

The financial performance of the investee company over the past three years shows a fluctuating turnover. In FY 2025-26, the turnover was recorded at ₹26.48 Lakhs, a decrease from ₹360.14 Lakhs in the previous fiscal year FY 2024-25. The entity reported no turnover in FY 2023-24.

Financial History of Millenium Manufacturing Systems Private Limited

Indag Rubber Limited has appointed M/s. Shome & Banerjee as Cost Auditors and M/s. Ernst & Young LLP as Internal Auditors for the financial year 2026-27. The Board approved these appointments on May 28, 2026, based on the recommendations of the Audit Committee. The decision ensures compliance with regulatory requirements and strengthens the company's governance framework for the upcoming fiscal year.

The appointment of M/s. Shome & Banerjee as Cost Auditors is effective from April 01, 2026. The firm brings 58 years of experience in cost audit, management consultancy, assurance services, and taxation. However, the remuneration for the Cost Auditors remains subject to approval by the shareholders at the ensuing Annual General Meeting.

M/s. Ernst & Young LLP has been appointed as the Internal Auditor for the financial year 2026-27, also effective from April 01, 2026. The firm's Risk Consulting practice focuses on delivering advisory, process improvement, and compliance services to enhance governance and operational efficiency.

Details of Appointments

The following table outlines the key details regarding the newly appointed auditors:

The intimation was submitted to BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Sonal Garg, Company Secretary & Compliance Officer, signed the disclosure on behalf of Indag Rubber Limited.