Godawari Power and Ispat has received approval from board of directors to acquire up to 51% equity stake on fully diluted basis in Jammu Pigments (JPL) for a consideration of Rs 255 crore in one or more tranches, subject to execution of Definitive Transaction Documents and consummation of the proposed transaction upon compliance of certain conditions.

JPL is engaged in the Business of Recycling of Non-Ferrous Metals with operations covering recycling of Lead Acid Batteries and other Secondary Lead waste. The company and its subsidiaries are also equipped to process complex mixtures of Industrial waste of non-ferrous metals. JPL's advanced technical expertise enables the efficient extraction of trace metals from waste materials ensuring highly cost-effective operations. JPL & its subsidiaries has manufacturing units located at Kathua district, Jammu & Kashmir and Kota, Rajasthan. 

The objective of acquisition is to diversify Company's business activities into recycling of non-ferrous metals, which is an emerging business and provides growth opportunities. The Board of Directors of the company at its meeting held on November 19, 2024, has considered and approved the same. 

Godawari Power and Ispat is engaged in the production of sponge iron, steel billets, ferro alloys, HB wires, oxygen, fly ash bricks and is also in the power business.