"The company had been going through financial losses for some time for which it had gone to the NCLT. We have bought the stake from the banks through the resolution", Lohia told reporters here.
Lohia said, Jupiter Group would be foraying into the road space through this acquisition.
Jupiter Wagons, which has a manufacturing facility at West Bengal, has a capacity to manufacture 3000 wagons per annum and has a turnover of Rs 550 crore.
A new plant would be set at Bandel at an expenditure of Rs 100 crore to be spend over two to three years, he said.
"Next fiscal, we are expecting a turnover of Rs 1,000 crore", Lohia said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)