Jupiter Wagons informed the exchnage that the NCLT Bench, Kolkata, vide its order dated 8th June 2023 has approved the resolution plan submitted by Jupiter Wagons Limited for acquiring the controlling stake of Stone India Limited under the Corporate Insolvency Resolution Process (`CIRP’) of the Insolvency and Bankruptcy Code 2016.
As per the terms of the approved Resolution Plan, upon implementation, Stone India Limited shall become subsidiary of Jupiter Wagons Limited.
Jupiter wagons said that the acquisition was helpful in backward integration and hence proposed to revive the unit and to resume production facilities to achieve the broader objective of the IB Code. The total cost of the acquisition is 20.61 Crore.