GMM Pfaudler rises as arm forms JV with JDS in US

GMM Pfaudler gained 2.53% to Rs 1,943.95 after its wholly owned subsidiary GMM Pfaudler US Inc., incorporated a joint venture with JDS Manufacturing Inc (JDS) in USA named GMM Pfaudler JDS LLC.

The company informed that its arm has completed the acquisition of 51% shareholding of GMM Pfaudler JDS LLC by subscribing to 5,100 units granted for a consideration of $500,000 on 28 November 2022.

GMM Pfaudler US Inc has the exclusive and complete authority and discretion to manage the operations and affairs of the joint venture company.

The joint venture will help both the companies to further develop the high-margin service business and is expected to strengthen GMM Pfaudler's market position in the USA.

JDS Manufacturing Inc is based in USA having a turnover of $750,000 as on 31 December 2021.

GMM Pfaudler delivers corrosion-resistant technologies, systems, and services worldwide and remains the preferred choice by consistently providing its customers in the chemical and pharmaceutical industries with innovative and cost-effective solutions.

GMM Pfaudler reported a consolidated net profit (from continuing operations) of Rs 96.89 crore in Q2 FY22, steeply higher than Rs 38.80 crore posted in Q2 FY22. Revenue from operations jumped 20.52% YoY to Rs 780.05 crore in Q2 FY23.

Powered by Capital Market - Live News