GMM Pfaudler skyrockets ~8% as USA arm approves a JV with JDS Manufacturing

2 Aug 2022 , 10:52 AM

GMM Pfaudler Limited informed that its subsidiary GMM Pfaudler US Inc., USA has approved the execution of a joint venture agreement with JDS Manufacturing (JDS), USA.

GMM Pfaudler USA will acquire a 51% stake in the said Joint Venture for a consideration of US $0.5 million (approx. Rs3.90 crore).

JDS Manufacturing is a glass-lined spare parts, components, and re-glassing services provider.

This Joint Venture will further develop high-margin service business and is expected to create a strong foothold for the company in American markets.

“Partnering with JDS is a step toward implementing our strategy, which includes growing our aftermarket and services business in the Americas,” commented Thomas Kehl, CEO of International Business.

He further outlined that JDS’ ready-made manufacturing and glass lining facility will strengthen the company’s market position even further. 

At around 10.56 AM, GMM Pfaudler was trading at Rs1,687.15 up by Rs119.3 or 7.61% from its previous closing of Rs1,567.85 on the BSE. The scrip opened at Rs1,565 and has touched intraday high and low of Rs1,718 and Rs1,550 respectively.