Godawari Power And Ispat limited — Updates, 20-11-2024: Press Release

Godawari Power & Ispat Limited (GPIL) has entered into a definitive agreement to acquire a 51% stake in Jammu Pigments Limited (JPL) for approximately ₹500 crores. This strategic investment includes injecting ₹175 crores for debt repayment and growth capital, alongside purchasing shares worth ₹79.52 crores from JPL's promoters in a two-tranche process. JPL specializes in the recycling of non-ferrous metals, particularly lead and other trace metals from hazardous industrial waste, operating from facilities in Jammu & Kashmir and Rajasthan.

This acquisition is set to position GPIL favorably in the non-ferrous metals sector, leveraging JPL's technical capabilities to drive sustainable growth and diversify its business portfolio. GPIL aims to complete the transaction by March 31, 2024, following the fulfillment of requisite conditions. The deal underscores GPIL’s commitment to environmental sustainability and efficient resource management, supporting its broader growth strategy and enhancing stakeholder value.