IRM Energy boosts stake in associate Venuka Polymers to 50%

IRM Energy Limited has acquired an additional 1,050,800 equity shares of Rs. 10 each in Venuka Polymers Private Limited (VPPL), an associate company. This investment, made via a rights issue, increases IRM Energy's shareholding in VPPL from 33.33% to 50.00%, an increase of 16.67%. The total subscription made in the rights issue is Rs. 10,508,000.

The transaction, executed at arm's length, reaffirms VPPL's status as an associate company. VPPL, incorporated on December 19, 2019, operates in the manufacturing, distribution, and supply of micro-irrigation systems, PVC/MDPE/HDPE/LDPE/LLDPE/PP pipes, tubes, hoses, and fittings.

VPPL reported a turnover of Rs. 97.45 crores for the financial year ended March 31, 2025, up from Rs. 63.33 crores in FY 2023-24 and Rs. 44.49 crores in FY 2022-23. The acquisition reinforces IRM Energy's strategic investment in an entity with growing financial performance.