Godawari Power and Ispat has completed the acquisition of additional 3,36,069 (2%) equity shares of Jammu Pigments (JPL) for total consideration of Rs 9.98 crore. Pursuant to the said acquisition, Company has completed acquisition of 51% stake in the share capital of JPL on a fully diluted basis. The Company had acquired 49% stake in the first tranche through a primary infusion against the issuance of compulsory convertible preference shares and through a secondary purchase of shares from the existing promoters of JPL on November 20, 2024.
The objective of acquisition is to diversify Company's business activities into recycling of non-ferrous metals, which is an emerging business and provides growth opportunities.
Godawari Power and Ispat is engaged in the production of sponge iron, steel billets, ferro alloys, HB wires, oxygen, fly ash bricks and is also in the power business.
