Asian Electronics to file claims against MSEDCL, signs agreement with alternative energy company

Asian Electronics Ltd has announced about the following:

1. The Company clarifies that with the expiry of notice period from the date of service of notice to Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL), the contract dated April 30, 1997, for the supply, erection, commissioning and maintenance of Low Tension Load Management Systems on operating lease basis stands determined. A detailed analysis of the consequent amounts due to the Company is being worked out, and a formal claim will be made on MSEDCL in due course. In accordance with the contract, the Company is not expected to incur any financial loss from the termination.

2. Through its promoters, the Company has entered into an arrangement with an alternative energy Company, for commercial exploitation of technology indigenously developed by Unique Waste Plastic Management & Research Co. Pvt. Ltd. for conversion of waste plastics into liquid hydrocarbons (oil and energy).

This economically viable technology, the first of its kind which can be commercially implemented, has a dual benefit in terms of environment friendly disposal of waste plastic as well as generation of fuel and / or to energy. The products obtained by this process have also been tested at Indian Oil Corporation (R&D) and found suitable. It is expected that the Company will derive substantial benefits from this new enterprise in due course of time.

Source : Equity Bulls

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