Texmo Pipes & Products has received an approval to acquire 90% stake in Mangal Murti Minerals, a firm engaged in the mining business, as a strategic partner at the initial investment of Rs 1 crore. The company will further consider and explore into Mining business subject to transfer of requisite licenses/approvals required in this regard in the name of the said firm.
The board of directors at their meeting held on September 27, 2014 has approved for the same. The company has taken this step towards de-risking its business as it is currently engaged in Single Product manufacturing and marketing of pipes.
Further, in the near future the company will get finer new source of inflow from this operation and simultaneously it also provides diversity in the business of the company.
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