West Bengal-based Jupiter Wagons on Wednesday announced that its board of directors have approved the acquisition of 94.25 per cent stake in Bonatrans India Private Limited for a cash consideration of Rs 271 crore. “We wish to inform that the Board of Directors of the company, at its meeting held today i.e. 20th March, 2024 has considered and approved the acquisition of Bonatrans India Private Limited, which shall eventually become the subsidiary company upon completion of acquisition,” the company said in a regulatory filing.
The indicative time period for completion of the acquisition, it said, is 30 days. The acquisition is aimed at meeting the captive requirement of the Jupiter Wagons Limited and to cater evolving demand in the domestic and export market.
“Further, the Board of Directors has approved the above acquisition, subject to the necessary approvals including the approval from the other regulatory authorities if any and Board of Directors of Bonatrans India Private Limited,” the company added.
Jupiter Wagons manufactures all types of railway wagons and accessories. The company also manufactures containers, commercial vehicle load bodies and commercial electric vehicles.
Bonatrans India, meanwhile, is a railways and related service provider, and is engaged in the manufacturing of components of rolling stocks such as wheels, axles, and wheel sets. The company was incorporated in February 2013 and has its manufacturing plant in Chhatrapati Sambhajinagar (Aurangabad), Maharashtra. The company had reported an annual turnover of Rs 63.50 crore for FY 2022-23, Rs 51 crore for FY 2021-22, and Rs 40 crore for FY 2020-21.