The Hindu Business Line : Kalpataru Power to have stake in JMC Projects

KALPATARU Power Transmission Ltd (KPTL) on Saturday said it is acquiring a 40.5 per cent stake in Ahmedabad-based construction company JMC Projects (India) Ltd at Rs 40 per share.

After the open offer is completed, KPTL would hold around 51 per cent equity stake in JMC Projects, a news release said here. Both companies approved the proposal at their respective board meetings.

Even after the acquisition is completed, JMC will continue to be managed by present promoters — Mr Hemant Modi as Managing Director and Mr Suhas Joshi as Joint Managing Director.

The Rs 185-crore JMC Projects India Ltd is a civil construction company undertaking infrastructure projects and holds orders in hand worth Rs 300 crore. KPTL is a Rs 362-crore public listed company that builds power transmission lines and has executed projects for Power Grid Corporation of India, State Electricity Boards and overseas projects based in Gandhinagar.

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