- **Genus Prime Infra is a listed holding company that was, until very recently, a shell - a corporate structure with negligible revenue whose real job was to hold unquoted shares in a web of group entities. That changed in mid-2025 when a court-approved restructuring amalgamated its wholly-owned subsidiaries and demerged an investment business undertaking into the company, transforming it overnight from a portfolio of paper investments into an operating enterprise with substantial scale. The recurring approach that explains everything else is consolidation: the group repeatedly uses this listed vehicle to pool scattered assets, cancel inter-company holdings, and create a single entity that is bigger, cleaner, and more visible than the sum of its parts.** # Business segments Two engines at different stages - a legacy investment portfolio built from group holdings, and a Coke and Coal operating business acquired through a court-approved merger that now defines the company’s scale. ## 1. Coke and Coal: the operating engine acquired through merger **This is the business that turned a shell holding company into a real operating entity - it manufactures and trades Coke and Coal, and it arrived with roughly two-and-a-half thousand crore rupees of standalone revenue in its last reported year before the merger.** - **Manufacturing and trading under one roof** - the business makes Coke and also buys and sells Coal, meaning it is not purely a processor or purely a middleman; it handles both the physical transformation of coal into coke and the commodity trading of both materials. - **Acquired, not built from scratch** - the entire operation came into Genus Prime through the amalgamation of Yajur Commodities Limited, a related party with a standalone net-worth of INR 1468.05 million at the time of the scheme, so the company bought an established business rather than developing one organically. - **A broad licence to operate in the carbon supply chain** - the company’s objects clause permits it to be a producer, importer, buyer, seller, distributor, stockist, agent and broker of coal, coke, charcoal and petroleum coke, and even to deal in coal-tar by-products and use waste gases for industrial purposes, giving it wide latitude to move up and down the value chain. - **Shareholders paid with paper, not cash** - the owners of Yajur Commodities received three equity shares of Genus Prime for every five shares they held, plus matching preference shares, so the acquisition was funded entirely by issuing new securities rather than by spending cash. ## 2. Strategic investments: the legacy portfolio of group holdings **This is the original business of the company - a collection of unquoted equity and preference shares spread across more than a dozen group entities, generating income from dividends and interest rather than from operations.** - **A portfolio stitched together from multiple sources** - the holdings came from the company’s own legacy investments and were substantially enlarged by the demerger of the Investment Business Division from Genus Power Infrastructures Limited, another listed group company, which brought its own pool of unlisted securities into Genus Prime. - **Equity and preference shares across the group** - the portfolio includes unquoted equity in entities like Genus Apparels, Genus Innovation, and Greenwings Innovative Finance, alongside preference shares in Yajur Commodities and Genus Apparels, so the company has both ownership stakes and fixed-return instruments in its sister concerns. - **Income from ownership, not from selling goods** - the company earns interest on its instruments using the effective interest rate method, collects dividends when shareholder approval is granted, and recognises commission income as services are performed, which is why its standalone revenue from operations was negligible even while the investment book was substantial. - **No factories, no inventory** - before the Coke and Coal merger, the company held no fixed assets and no stock; its entire standalone balance sheet consisted of long-term investments, making it a pure investment holding entity with no operating footprint of its own. # Group structure and partners **Genus Prime Infra sits inside a dense network of interconnected group companies - the “Genus” / “Saran Group” - where directors serve on multiple boards and assets are routinely moved between entities through court-approved schemes.** - **A restructuring that redrew the corporate map** - the Scheme of Arrangement effective June 2025 simultaneously amalgamated three wholly owned trading subsidiaries into Genus Prime, demerged the investment division of listed Genus Power Infrastructures into it, and merged Yajur Commodities into it, all in a single coordinated transaction sanctioned by the NCLT. - **Promoters hold a commanding stake** - post-scheme, the promoter and promoter group were expected to hold roughly sixty-four percent of the equity, with the three individual promoters - Rajendra Agarwal, Jitendra Agarwal, and Amit Kumar Agarwal - each holding significant blocks. - **A listed entity with unlisted preference shares** - the equity shares trade on the BSE, but the Zero Coupon and 9% Cumulative Non-Convertible Redeemable Preference Shares issued to Yajur Commodities shareholders remain unlisted, creating a two-tier capital structure. - **Overlapping directorships knit the group together** - Director Amit Agarwal also holds board seats at IOJO Fashion, Genus Apparels, Genus International Commodities, and Genus Mobility Solutions, reflecting the group’s practice of sharing leadership across entities.