Tube Investments of India Ltd. has entered into a share subscription and shareholders' agreement with X2Fuels and Energy Pvt. Ltd., a start-up firm engaged in developing processes to convert waste into liquid and solid fuels.
Tube Investments will subscribe to 10,753 shares of X2Fuels for an aggregate consideration not exceeding Rs 6.15 crore.
The acquisition will be completed within 60 days of the execution date of the shares’ subscription agreement, subject to the satisfactory completion of the conditions precedent.
Tube Investments added that the acquisition of a 50 percent equity stake in X2Fuels will strengthen the company's efforts to make a positive impact on environmental sustainability through the development of advanced technologies in managing waste.
Tube Investments stock is currently trading at Rs 2,626.85, up nearly 1 percent.
(Edited by : Rukmani Krishna)
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