Godawari Power & Ispat Limited (GPIL) has announced plans to acquire up to a 51% equity stake in Jammu Pigments Limited (JPL) for ₹255 crore. The acquisition, subject to definitive agreements and certain conditions, is expected to be completed in one or more tranches by March 31, 2025.
JPL specializes in recycling non-ferrous metals, including lead-acid batteries and other secondary lead waste. The company and its subsidiaries operate manufacturing units in Kathua, Jammu & Kashmir, and Kota, Rajasthan. JPL reported consolidated revenues of ₹825.70 crore, ₹1,013.38 crore, and ₹1,173.78 crore for the fiscal years 2021-22, 2022-23, and 2023-24, respectively.
In a related development, GPIL has decided to cancel its previously proposed acquisition of a 74% stake in RG Pigments Private Limited (RGPL), a wholly-owned subsidiary of JPL. This decision aligns with the new acquisition strategy involving JPL.
GPIL’s strategic move into the non-ferrous metal recycling sector aims to diversify its business activities and capitalize on emerging growth opportunities in this field.
