Godawari Power & Ispat (NSE:GPIL, BOM: 532734) has agreed to acquire a 51% stake in Jammu Pigments, which recycles non-ferrous metals, including lead-acid batteries and other secondary lead waste, according to a Wednesday filing to the stock exchanges.
The deal is being conducted at a post-money valuation of 5 billion Indian rupees. It will mark the company's foray into the business of recycling of non-ferrous metals.
Under the terms of the agreement, Godawari Power will infuse 1.75 billion Indian rupees in Jammu Pigments for the repayment of some unsecured debt and growth capital. It will also acquire shares worth 795.2 million rupees in two tranches.
JPL and its subsidiaries have manufacturing units in India at Kathua district in Jammu & Kashmir, and Kota in Rajasthan.
The transaction is expected to be fully completed by March 31, 2025.
Price (INR): ₹186.00, Change: ₹-1.1, Percent Change: -0.57%
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