Garnet International (GIL) has acquired equity shares of Whitewall India (Investee Company) equivalent to 81% of issued and paid-up share capital of Investee Company under strategic investment. GIL, being an investment company, the acquisition of shares is being made in the ordinary course of its business under Strategic Investment. Acquisition of the equity shares of the Investee Company was done at a mutually agreed premoney enterprise valuation.
Garnet International is engaged in the business of infrastructure and finance. The company has also entered into the mining sector and textile sector.
