Jupiter Wagons Ltd. in a filing with the stock exchanges said the National Company Law Tribunal (NCLT) Bench, Kolkata, has approved the resolution plan submitted by it for acquiring controlling stake of Stone India Ltd. under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016 (IBC).
“As per the terms of the approved Resolution Plan, upon implementation, Stone India Ltd shall become subsidiary of Jupiter Wagons Ltd.,” the company said in the filing.
It said the cost of acquisition of 100% stake in Stone India would be ₹20.61 crore and the acquisition process would be completed in 12 months. Both the companies are in the railway sector.
Published - June 10, 2023 08:57 pm IST
