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Jupiter Wagons buy CEEBCO through resolution

Press Trust of India  |  Kolkata 

City-based acquired Madhya Pradesh-based through resolution process at a cost of Rs 100-crore, a top said Thursday.

of Jupiter Wagons, said the company had bought the majority stake in which had gone to the NCLT for financial losses.

"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.

CEBBCO, a listed entity, is a supplier to OEMs like Eicher, Tata Motors, and

Lohia said, would be foraying into the road space through this acquisition.

The company has been toying with the idea of supplying to the Indian Railways for which it has entered into an agreement with Czech firm

Jupiter Wagons, which has a 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.)

First Published: Thu, February 14 2019. 15:35 IST