Nagpur Power & Industries has accepted the preferential offer to acquire 2,36,400 equity shares of 'The Motwane Manufacturing Company’ (MMCPL), Subsidiary Company. Thus, the company's shareholding will be increased from 80.88% to 87.28% in the subsidiary company upon completion of the preferential allotment of equity shares. The purchase consideration for the shares acquired is Rs 11.47 crore.
MMCPL is an R & D based company and has developed various high technology test and Measurement products which have applicability in the domestic and international markets. The company’s products are sold primarily to the power sector and energy intensive industries. The company expects gradual pick up in its order book due to growth and reform in the distribution sector in which the company operates. Alternatively, it is exploring its potential in the IOT space in adjacent areas like smart lighting and other IOT related industrial solutions.
Nagpur Power & Industries is engaged in the manufacture of high-carbon ferro manganese, high-carbon silico manganese and medium-carbon ferro manganese.The product of the company includes Ferro alloys and Metals.
| Company Name | CMP |
|---|---|
| Indian Metal & Ferro | 1546.10 |
| Maithan Alloys | 1022.70 |
| Nava | 727.10 |
| Indsil Hydro Power | 41.76 |
| Shyam Century | 5.82 |
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