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Jupiter Wagons Ltd. (JWL), which provides complete mobility solutions, has been selected as a successful resolution applicant by the Committee of Creditors of Stone India Ltd - a supplier of railway brake systems and other engineering products for the Indian Railways. The acquisition would be subject to necessary approval of the resolution plan by the Adjudication Authority.
JWL has an expansive product portfolio and the addition of Stone India will strengthen its offerings for railways including braking systems and other engineering products. Both entities are engaged in the same line of activity, the acquisition of Stone India would thereby provide natural synergy to the company. JWL said.
According to Vivek Lohia, Managing Director, Jupiter Wagons, Stone India is a strong and strategic fit for the company and the combination of the two companies will drive significant value.
“Stone India is a strong and strategic fit for Jupiter Wagons and the combination of the two companies will drive significant value. . Our recent success of getting listed on bourses and now acquiring Stone India is a direct reflection of strategic business expansion. This acquisition will allow us to accelerate our development plans and enable us to excel in the offerings for the Indian railways,” he said in the statement.
Focus on EV vehicles
JWL recently completed the reverse merger with CEBBCO (Commercial Engineers & Body Builders Company Ltd.), through the acquisition and got listed on the stock exchanges. It also entered the electric mobility market with the launch of Jupiter Electric Mobility (JEM) focusing on commercial EV vehicles.
The company has formed a joint venture with EA GreenPower Private Ltd, a wholly-owned subsidiary of GreenPower Motor Company Inc.. With the JV with GreenPower, JWL seeks to align the technology assets of both organizations by generating safety and sustainability in the EV market.
Product portfolio
The company’s expansive products span across wagons, coupler, draft gear, bogie, CMS crossings, passenger coach (LHB), metro coach, and loco. Their clientele includes the Ministry of Defense, Indian Railways, TATA Motors, JSW, Adani, Ultratech and Reliance Industries among others.
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