Lead manufacturer company Gravita India on Tuesday announced to acquire 80 per cent stake in Jammu and Kashmir based Metal Inc, Kathua.
Gravity is also under process to acquire the balance 20 per cent stake in Metal Inc, Kathua, Gravity India said in a statement.
The company said the latest addition hall further increase the Lead smelting and refining production capacity of company by 3,600 tonnes per annum to 46,200 tonnes per annum.
Gravity shall benefit fro this acquisition in the Tax heaven zone and expects addition of approximately Rs 40 to 45 crores and Rs 3 crore, respectively to the top and bottom line of the during the current fiscal, the statement said.
Shares of Gravity closed at Rs 343.15, down by 2 per cent compared to its previous close at BSE on Tuesday.
Source: Indian Express