Godawari Power & Ispat Ltd. Forays into Recycling of Non-Ferrous Metals Business with 51% Stake Acquisition in Jammu Pigments Limited

Godawari Power & Ispat Ltd. (GPIL), a dominant player in the iron & steel industry, has entered into a definitive agreement to acquire 51% stake in Jammu Pigments Limited (JPL) at a post-money valuation of Rs. 500 Crores. GPIL will infuse Rs. 175 crores in JPL for repayment of certain unsecured debt and growth capital and will acquire shares worth Rs. 79.52 Crores from the existing promoters of JPL in two tranches. JPL is engaged in Recycling of Non-Ferrous Metals Business with operations covering recycling of Lead Acid Batteries and other Secondary Lead waste. The stake purchase will be a two-tranche process and will be completed by 31st March 2024. Post the completion of the transaction, JPL will be a subsidiary of GPIL and will be managed jointly by its existing promoter and GPIL representatives.