JBM Auto signed an agreement to purchase the balance 30,15,343 equity shares or 20.10 % stake of JBM Solaris Electric Vehicles for a cash consideration of Rs 84.50 lakh from the Joint Venture partner, Solaris Bus & Coach SP. Z O.O.
Post transaction, JBM Solaris Electric Vehicles Solaris Bus & Coach SP. Z O.O (formerly SOLARIS Bus & Coach S.A.) will become a wholly owned subsidiary of the company. The completion of acquisition is expected to be 30 April 2022.
JBM Auto for its future business operations and expansion in electric vehicles (EV) business has decided to acquire 100% stake in its subsidiary company. Currently, the company holds 70.90% of the paid-up equity share capital of JBM Solaris Electric Vehicles.
JBM Solaris Electric Vehicles was incorporated as a private company limited by shares in the year 2016 as joint venture between the company and Solaris Bus & Coach SP. Z O.O. It is engaged in the business of manufacturing and supply of 9-metre and 12-metre electric/hybrid buses.
Shares of JBM Auto declined 2.18% to Rs 570.85 on BSE. JBM Auto is the flagship company of the JBM Group. The group has a diversified portfolio with presence in multiple domains such as automotive, engineering & design services, renewable energy, railways and original equipment manufacturer (OEM).
The company posted a 23.5% rise in net profit to Rs 25.30 crore on 45.5% increase in net sales to Rs 752.72 crore in Q2 FY22 over Q2 FY21.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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