Jubilant Industries Ltd has said that its board has approved the restructuring its businesses by vesting its agri and consumer products business (ACP) with its wholly owned subsidiary Jubilant Agri and Consumer Products Ltd (JACPL).
JACPL, intends to acquire the division comprising sales of consumer products, wholesale trade and leasing of mall space of Enpro Oil Pvt Ltd (EOPL) to foray into the high growth potential hypermarket business.
JACPL is also engaged in agri and consumer products. JIL will issue equity shares to the shareholders of EOPL, a Jubilant Bhartia Group Company, at a valuation determined by Price Waterhouse & Co and a fairness opinion given by Kotak Mahindra Capital Company Ltd.
This scheme of arrangement among JIL, JACPL and EOPL is subject to court approval and has an appointed date of April 1, 2011.