Team News Riveting
Raipur, November 19
Godawari Power and Ispat Limited (GPIL), the flagship entity of Chhattisgarh-based Hira Group, announced to acquire 51 per cent equity stake in Jammu Pigments Limited (JPL).
The Board of Directors of Godawari Power and lspat Limited at its meeting held on Tuesday considered and approved the proposal. “To acquire up to 51% equity stake on fully diluted basis in Jammu Pigments Limited (JPL) for a consideration of Rs 255.00 crore in one or more trenches, subject to execution of Definitive Transaction Documents and consummation of the proposed transaction upon compliance of certain conditions,” GPIL said in a regulatory filing today.
JPL is engaged in the Business of Recycling of Non-Ferrous Metals with operations covering recycling of Lead Acid Batteries and other Secondary Lead waste. The company and its subsidiaries are also equipped to process complex mixtures of Industrial waste of non-ferrous metals. JPL’s advanced technical expertise enables the efficient extraction of trace metals from waste materials, ensuring highly cost-effective operations. JPL and its subsidiaries have manufacturing units located at Kathua district, Jammu and Kashmir and Kota, Rajasthan.
The Board also approved the proposal to cancel the proposed transactions with RG Pigments Private Limited (RGPL for acquisition of 74 per cent stake in RGPL, which was approved by the Board of Directors of GPIL in its meeting held on 6th November 2024. RGPL is a wholly owned subsidiary of JPL and shall continue to be a 100 per cent subsidiary of JPL.
