NCLT Mumbai Approves AG Enviro's Merger with Antony Waste Handling Cell

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.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.10%	+2.20%	+14.72%	-25.30%	-19.81%	+35.74%

Antony Waste Handling Cell Limited delivered robust operational performance during Q3FY26, managing approximately 1.42 million tonnes of municipal solid waste, reflecting 19% year-on-year growth. The company achieved core operating revenue growth of 9% in Q3FY26 and 13% in 9MFY26, driven by higher volumes and escalation-led tariff revisions. The strong performance underscores the company's operational excellence and leadership position in India's integrated municipal solid waste management sector.

Q3FY26 and 9MFY26 Operational Performance

The company's operational metrics demonstrate consistent growth across key parameters during the quarter and nine-month period ended December 31, 2025:

Performance Metric:	Q3FY26	9MFY26	YoY Growth
Core Operating Revenue Growth:	~9%	~13%	Strong momentum
Total Tonnage Managed:	~1.42 MT	~4.01 MT	+19% / +12%
Processing Activities:	~0.88 MT	~2.42 MT	+26% / +14%
Collection & Transportation:	~0.53 MT	~1.60 MT	+9% / +10%
RDF Sales:	~37,840 tonnes	~133,661 tonnes	-2% / +29%
Compost Sales:	~4,359 tonnes	~14,217 tonnes	-33% / -15%

The growth was supported by ramp-up in existing contracts and improved operational throughput across project locations. The company also bio-mined 0.35 million tonnes of legacy waste under the CIDCO project, reinforcing its commitment to sustainable waste management solutions.

Major Corporate Restructuring Completed

The Hon'ble National Company Law Tribunal (NCLT) approved the Scheme of Merger of AG Enviro Infra Projects Private Limited with Antony Waste Handling Cell Limited through its order dated December 18, 2025. The merger became effective on December 31, 2025, creating opportunities for greater economies of scale, improved operational efficiency, and enhanced organizational effectiveness.

Significant Contract Wins and Project Expansion

The company secured two pivotal collection and transportation contracts from the Brihanmumbai Municipal Corporation (BMC) worth approximately ₹1,330 crores over seven years. The contracts were awarded to a consortium led by AG Enviro Infra Projects Private Limited (51% stake), along with M/s. Jigar Transport Company (29%) and M/s. M.K. Enterprises (20%).

Contract Details:	Contract 1	Contract 2
Contract Value:	₹684 crores	₹646 crores
Service Area:	A, B, C & D Wards	N, S & T Wards
Daily Capacity:	650 MT per day	600 MT per day
Contract Period:	7 years	7 years

Additionally, the company's subsidiary Antony Lara Enviro Solutions Private Limited secured a Design, Build, Operate, and Transfer (DBOT) concession for a 600-800 tonnes per day municipal solid waste pre-processing facility in Thane. The project involves a capital investment of approximately ₹67 crores, fully reimbursable by Thane Municipal Corporation.

Strategic Market Position

The contract wins expand the company's footprint from 2 wards to 7 wards in Mumbai's municipal waste management ecosystem, positioning it as a key player in BMC's integrated waste management framework. The seven-year contract tenure provides stable long-term revenue visibility and supports the company's strategy of building a resilient waste management portfolio across India's urban markets.