Jindal Poly Films rose 2.55% to Rs 969.50 after the company said it acquired 100% stake of Jindal India Solar Energy for a cash consideration of Rs 5 lakh, making it a wholly-owned subsidiary.
Jindal India Solar Energy (JISEL) was subsidiary of Soyuz Trading Company, which is a promoter of Jindal Poly Films (JPFL). JPFL has purchased all shares of JISEL and consequent thereof JIESL have become subsidiary of JPFL.
JPFL intends to do renewal/ solar energy business through separate company i.e subsidiary, so the company has decided to acquire JISEL.
Jindal Poly Films' consolidated net profit surged 77.9% to Rs 231.92 crore on a 73.9% jump in net sales to Rs 1,341.05 crore in Q1 FY21 over Q1 FY20.
Jindal Poly Films is engaged in diverse business activities including manufacturing of polyester film, polypropylene film, steel pipes and photographic products.
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