JTL Industries Greenlights Rs 1,200 Crore Investment in Maharashtra Project

20 Dec 2023 , 11:53 AM

JTL Industries Ltd’s board approves a Rs 1,200 crore investment in its subsidiary, JTL Tubes Ltd, to establish a project in Maharashtra.

The investment will be funded partly from internal accruals and partly from the proceeds of a proposed qualified institutions placement (QIP).

The board approves the ‘issue of securities by way of QIP for an aggregate amount not exceeding Rs 500 crore in one or more tranches, including a green shoe option.’

Additionally, the board greenlights a proposal to invest up to Rs 1,200 crore in wholly-owned subsidiary JTL Tubes Limited for the mega project in Maharashtra.

JTL Industries Ltd, formerly known as JTL Infra Ltd, holds the position of being the largest producer of electric resistance welded (ERW) steel pipes in India, boasting a capacity to produce over 6 lakh metric tonnes per annum.

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