Midland Polymers is a company in the middle of a complete reinvention. It emerged from an insolvency process in 2023 as a shell with no operations, and in 2026 it set out to become an infrastructure builder by agreeing to acquire a renewable-energy EPC (Engineering, Procurement, and Construction) firm through a share swap. The recurring pattern is a clean break: the old business and its shareholders were wiped out, a new owner installed a fresh board, and that board is now using the listed entity as a vehicle to inject a private operating company and start again. # Business segments A single engine, not yet consolidated - an EPC and renewable-energy business that has been agreed to be acquired and will become the company's whole operations once the transaction closes. ## 1. EPC & Renewable Energy: building power and defence infrastructure on contract **The company's entire future rests on a single acquisition target, JMRClean Energy, which designs and builds solar plants, wind farms, electrical grids, and defence infrastructure for a fixed price.** - **Turnkey builder, not a product seller** - JMRClean Energy takes on complete projects from design to commissioning across solar, wind, electrification, civil works, and Battery Energy Storage Systems (BESS), meaning it earns revenue by delivering a working asset to the client, not by selling individual components. - **A backlog that gives visibility** - the firm manages a Rs. 1,550 crore order book and has a 400 MW pipeline of future projects, so a large portion of its near-term work is already contracted before Midland Polymers even completes the acquisition. - **Experience measured in megawatts** - the team has executed over 100 MW of projects and brings a 30-plus-member core group, which is the practical capacity to handle multiple site-based jobs at once. - **The acquirers are the operators** - the five individuals acquiring shares of Midland Polymers Limited are the same people who run it, with a combined track record spanning more than 70 years in clean-energy procurement, solar EPC, and infrastructure operations, so the expertise stays inside the company after the deal. - **Objects rewritten to match the ambition** - Midland Polymers is altering its constitutional documents to explicitly permit EPC and turnkey projects for electrical transmission, underground cabling, smart grids, and defence works including airstrips, naval infrastructure, and border bunkers, which is how the listed shell legally becomes an infrastructure company. # Group structure and partners **The company is a standalone listed shell with no operating subsidiaries today, but a binding agreement will make JMRClean Energy its wholly owned subsidiary and bring in five new controlling shareholders.** - **A clean corporate slate** - as of March 2025, Midland Polymers had no subsidiaries, no joint ventures, and no associate investments; all prior holdings, including a former subsidiary called Protect Nature Private Limited, were reduced to nil under the insolvency resolution plan. - **One acquisition changes everything** - in March 2026, the company signed a Share Purchase and Share Subscription Agreement to buy 100% of JMRClean Energy Private Limited from its five owners in a share swap at a ratio of 1:10.54, which will make JMRClean Energy a wholly owned subsidiary and transform Midland Polymers from a cash shell into an operating EPC business. - **The old promoter exits** - the existing promoter, Vanaja Veeramreddy, will be reclassified as a public shareholder once the preferential allotments to the acquirers are completed, completing the separation from the pre-insolvency ownership.