GSFC Granted In-Principle Approval to Invest up to Rs. 28.85 crores in Subsidiary Vadodara Jal Sanchay Private Limited

The Board of Directors of Gujarat State Fertilizers & Chemicals Ltd. (GSFC) has granted in-principle approval for investment of up to Rs. 28.85 crores in its subsidiary, Vadodara Jal Sanchay Private Limited (VJSPL). The funds raised by VJSPL from member companies, by way of equity participation, will be used for undertaking the project for Tertiary Treatment of Waste Water. The project aims to utilize treated sewage water for industrial purposes instead of fresh water. The date of incorporation of VJSPL is 22/07/2020 and it is based in India. The investment is a related party transaction as VJSPL is a subsidiary of GSFC. The cash consideration for the investment is yet to be decided based on a valuation report. This is an intimation about the in-principle approval for investment and an update will be given when the transaction takes place.