Jupiter Wagons Ltd. (JWL), a mobility solutions provider, said it had been announced as a successful resolution applicant by the Committee of Creditors of Stone India Ltd., subject to necessary approval of the resolution plan by the adjudication authority.
Stone India is a supplier of railway brake systems and other engineering products for the Indian Railways.
“Stone India is a strong and strategic fit for Jupiter Wagons and the combination of the two companies will drive significant value. The acquisition will result in the enhancement of the overall portfolio strength,” Vivek Lohia, managing director, JWL.
“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.
