APAR approves US capital infusion and Gujarat RE investment

APAR Industries Limited has approved two investment proposals at its board meeting held on March 18, 2026, covering capital infusion into its United States subsidiary and expansion of captive renewable capacity in Gujarat through an associate entity.

US subsidiary funding
The board approved an additional investment of up to USD 5 million in APAR USA LLC, a wholly owned subsidiary incorporated in Delaware and formerly known as CEMA Wires and Cables LLC. The entity, which has not reported revenue since its incorporation in 2022, supports APAR’s conductors and cables business in the United States.

The investment will be made in one or more tranches during the current or next financial year, subject to approvals under the Foreign Exchange Management Act (FEMA) and other applicable regulations. APAR’s ownership in the subsidiary will remain at 100%.

Gujarat hybrid project
APAR also approved an additional equity investment of Rs 10.76 crore in Clean Max Rudra Private Limited, where it holds a 26% stake alongside CleanMax Enviro Energy Solutions Limited, which holds 74%.

The investment will support a wind-solar hybrid project at Kalikanagar in Rajkot, Gujarat, comprising 9.90 MVA of wind capacity and 7.34 MWp of solar. APAR had earlier invested Rs 11.38 crore in the same entity for three wind turbines.

The transaction is classified as a related-party transaction and has been undertaken on an arm’s length basis. APAR retains anti-dilution rights and voting rights proportionate to its shareholding but does not have board representation.

The featured photograph is for representation only.