Jupiter Wagons pays ₹271 Crore for Bonatrans India Acquisition

20 Mar 2024 , 12:41 PM

At its meeting on Wednesday, March 20, the board of West Bengal-based Jupiter Waggons authorised the purchase of a 94.25% stake in Bonatrans India Private for a cash payment of ₹271 crore, the business announced in an exchange filing.

The company stated that the transaction should be finished in 30 days.

“We wish to inform that the Board of Directors of the company, at its meeting held today i.e. 20th March 2024 has considered and approved the acquisition of Bonatrans India Private Limited, which shall eventually become the subsidiary company upon completion of acquisition,” said the statement.

The company notified the stock exchanges that the proposed purchase does not come under the ambit of the related party transaction and that the promoter, promoter group, or group companies are not interested in the corporation being bought.

Furthermore, the acquisition mentioned above has been approved by the Board, subject to the required permissions, which include the approval of the Bonatrans India Board of Directors and any other applicable regulatory bodies.

Railway waggons and accessories of every kind are produced by Jupiter Waggons. In addition, the company produces load bodies for commercial vehicles, containers, and commercial electric cars.

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