The National Company Law Tribunal (NCLT) Mumbai has granted approval for the merger between AG Enviro and Antony Waste Handling Cell . This regulatory clearance marks a significant milestone in the corporate restructuring process for the waste management company.

Regulatory Approval

The NCLT Mumbai's decision enables the completion of the merger between the two entities. The tribunal's approval is a crucial step in the consolidation process, allowing the companies to proceed with their integration plans.

Corporate Development

This merger represents a notable development in the waste management sector, bringing together AG Enviro and Antony Waste Handling Cell under a unified structure. The regulatory approval paves the way for the combined entity to move forward with its operational integration.

The completion of this merger will depend on fulfilling any remaining regulatory requirements and procedural formalities as mandated by the NCLT.

Antony Waste Handling Cell Limited announced that its material subsidiary AG Enviro Infra Projects Private Limited has secured two significant municipal solid waste collection and transportation contracts from the Brihanmumbai Municipal Corporation (BMC). The combined value of these contracts is approximately ₹1,330.00 crores, covering a period of 7 years and reinforcing the company's leadership position in India's urban waste management sector. The company currently maintains a market capitalization of ₹1,236.00 crores.

Contract Details and Structure

The contracts have been awarded to a consortium led by AG Enviro Infra Projects Private Limited, which holds a 51% stake. The consortium also includes M/s. Jigar Transport Company with 29% and M/s. M.K. Enterprises with 20%. This joint venture structure enables comprehensive service delivery across Mumbai's municipal waste management requirements.

Project Scope and Operations

Under the terms of the contracts, the joint venture will manage the collection and transportation of approximately 1,250 metric tonnes per day (MTPD) of municipal solid waste across key Mumbai wards. The operations will cover:

• 650 MTPD from A, B, C, and D Wards of Mumbai City
• 600 MTPD from N, S, and T Wards of Mumbai City

The projects involve providing owned new vehicles for waste collection and transportation to designated landfill sites, strengthening Mumbai's municipal waste infrastructure and ensuring improved service reliability.

Management Commentary

Commenting on the contract award, Jose Jacob, Chairman & Managing Director of Antony Waste Handling Cell Limited, stated that the company is delighted to secure these two significant collection and transportation contracts from BMC. He emphasized that this award reinforces their leadership in executing large-scale municipal waste operations across India's urban markets, noting that Mumbai has always been a cornerstone geography for the group.

Strategic Significance

The seven-year contract tenure provides stable long-term revenue visibility and supports the company's strategy of building a resilient waste management portfolio. The contracts underscore Antony Waste's proven execution capabilities, strong operational track record, and ability to manage large-scale urban projects in high-density metropolitan environments. The award further strengthens the company's long-term partnership with Mumbai and enhances its ability to deliver sustainable growth and long-term value for stakeholders.

Regulatory Compliance

The contract award notification was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The company confirmed that the promoter/promoter group/group companies have no interest in the entity BMC that awarded the contracts, and the contracts do not fall within related party transactions.