On Wednesday, Kalpataru Power Transmission Ltd (KPTL) announced that the National Company Law Tribunal had approved the merger of JMC Projects (India) Ltd with the company, making it one of the country’s largest listed engineering and construction companies.
The combined company will have a significant presence in India and projects in 67 countries with a highly diversified offering in electricity transmission and distribution, buildings and plants, water, rail, oil and gas, and heavy civil infrastructure.
“The Ahmedabad Bench of the National Company Law Tribunal today approved the scheme of amalgamation of JMC Projects (India) Ltd (JMC) and KPTL, resulting in the creation of one of the largest listed diversified engineering and construction companies in India with a total order.” book of nearly Rs 43,000 crore
The boards of KPTL and JMC have approved the plan for a merger in February 2022. JMC shareholders will have four shareholders for all of KPTL (regardless of how many shares of KPTL they own), and they will have four shareholders for KPTL (except for one KPTL).
KPTL Chairman Mofatraj Munot said, “The merger of JMC with KPTL is a strategic culmination and the beginning of a new era for both companies.” “The merger gives us greater scale, a diversified business, increased competitiveness, a strong financial profile, and a wider geographic reach to achieve.”
He added that the merger opens up tremendous opportunities for both KPTL and JMC, backed by strong track records, experienced management, and established processes. KPTL Chairman and CEO Manish Mohnot said, “The timing of the merger is right as we witness a strong investment cycle in India and the ongoing global energy transition.” The merger will strengthen the combined company’s presence across all growth sectors. “The advantages of size, scale, and productivity.” Shailendra Kumar Tripathi, MD and CEO, JMC, said, “All our businesses are poised for strong growth as we move towards our vision of being a $3 billion revenue organization by 2025.”
Source:PTI
