NewsCorporate ActionsResGen Limited Shifts Strategy: Acquires Assets for Tyre Pyrolysis BusinessResGen Limited Shifts Strategy: Acquires Assets for Tyre Pyrolysis Business
ResGen Limited has changed its acquisition plans, opting to purchase specific assets for the Tyre Pyrolysis Business project instead of acquiring ResGen Protech Private Limited. The company cited delays in regulatory approvals as the reason for the change. ResGen will now conduct the Tyre Pyrolysis Business internally using advanced technologies focused on environmental sustainability. A Board of Directors meeting has been scheduled to review various corporate matters including the Secretarial Audit Report and planning for the 7th Annual General Meeting.
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ResGen Limited has announced a strategic shift in its acquisition plans, opting to purchase specific assets related to the Tyre Pyrolysis Business project instead of completing its previously proposed acquisition of ResGen Protech Private Limited.
Acquisition Update
In a regulatory filing, ResGen Limited informed the BSE that the company could not consummate the acquisition of ResGen Protech Private Limited as initially planned. The company cited delays in securing necessary regulatory approvals within the envisaged timelines as the primary reason for the change in strategy.
New Business Direction
Despite the setback in the acquisition process, ResGen Limited has moved forward with its plans to enter the Tyre Pyrolysis Business. The company has acquired specific assets pertaining to the project from the target company, allowing it to proceed with its business objectives.
Advanced Technology Implementation
ResGen Limited stated that it will now conduct the Tyre Pyrolysis Business internally, utilizing cutting-edge technology. The company plans to employ:
- Advanced Batch Automated Process/Continuous Process
- LDO/LPG/LSHS fired reactors
These technologies are designed with a focus on environmental sustainability, aiming for zero emission and zero discharge operations.
Corporate Governance
In a separate announcement, ResGen Limited has scheduled a Board of Directors meeting. The meeting agenda includes:
- Review of the Secretarial Audit Report
- Approval of the Directors' Report
- Planning for the 7th Annual General Meeting
- Decisions on the closure of Register of Members and Register of Transfers
- Appointment of a Scrutiniser for the AGM voting process
This meeting demonstrates the company's commitment to maintaining transparency and adhering to corporate governance standards.
ResGen Limited, formerly known as Eco Janitors Pvt. Ltd., continues to adapt its business strategy in response to market conditions and regulatory challenges. Investors and stakeholders will be watching closely to see how this new direction in the Tyre Pyrolysis Business unfolds for the company.
Historical Stock Returns for ResGen
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.83% | +12.82% | +11.14% | +23.30% | -25.61% | +87.58% |
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