Joint Venture24 Mar 2026, 09:30 pm
Josts Engineering Company Ltd: Appointment of New CFO & Divestment of 50% Stake in Joint Venture
AI Summary
Josts Engineering Company Ltd announced the outcome of its Board Meeting held on 24th March, 2026. The Board approved the divestment of 50% of its equity investment in the Joint Venture, Suryavayu Renewable and Energy Solutions Private Limited, to Kay Cee Energy & Infra Limited at a fair market value of INR 4.124 per share. Post the transaction, SRESPL will cease to be a Joint Venture. The Board also approved the incorporation of a Wholly Owned Subsidiary in India and accepted the resignation of Mr. Pranesh Bhandari as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the Company. Mr. K C Somani has been appointed as the new CFO and KMP of the Company with effect from 1st April, 2026.
Key Highlights
- Divestment of 50% equity stake in the Joint Venture, Suryavayu Renewable and Energy Solutions Private Limited.
- Fair market value of INR 4.124 per share for the divestment.
- Post-transaction, Suryavayu Renewable and Energy Solutions Private Limited will cease to be a Joint Venture.
- Incorporation of a Wholly Owned Subsidiary of the Company in India.
- Appointment of Mr. K C Somani as the new Chief Financial Officer and Key Managerial Personnel of the Company.