JTL Industries (NSE:JTLIND, BOM:534600) has received permission from the National Company Law Tribunal (NCLT) to begin operations at its recently acquired RCI Industries & Technologies' (BOM:537254) plant, according to a Friday filing to the Indian stock exchanges.
The company has entered into a memorandum of understanding with RCI for the production of up to 200 MT per month of copper and brass alloys through job-work.
"Once the transaction closure is approved by the NCLT, this plant will be under complete ownership of JTL and is expected to significantly contribute to the topline by FY27," the company said.
Shares of the company were up over 2% in recent trade.
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