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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.