Kalpataru Power, JMC Projects merger gets NCLT approval

22 Dec 2022 , 11:15 AM

The Ahmedabad Bench of the Hon’ble National Company Law Tribunal approved the scheme for the merger of JMC Projects (India) Limited and Kalpataru Power Transmission Limited (KPTL).

This merger will result in the formation of one of India’s largest listed diversified engineering and construction companies with combined order visibility of nearly Rs 43,000 crore.

With offerings in power transmission and distribution, buildings and factories, water, railways, oil and gas, and heavy civil infrastructure, the combined entity will have a significant presence in India and projects in 67 countries. The combined entity will have diverse capabilities as well as the ability to pursue accelerated growth, stated the company in its media release.

In February 2022, the Boards of Directors of KPTL and JMC approved the scheme of amalgamation. According to the Scheme, JMC shareholders (other than KPTL) will receive one share of KPTL for every four shares they hold in JMC.

At around 11.16 AM, Kalpataru Power was trading 2.14% higher at Rs 538.55, against the previous close of Rs 527.25 on NSE. On the other hand, JMC Projects’ counter slipped nearly 3% at Rs 129. JMC Projects settled at Rs 133 on Wednesday.

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