Strategic acquisition of Deepak Nitrite: securing NTPPL

On Friday, Deepak Nitrite said its unit will acquire 100 per cent stake in Narmada Thermal Power Private Ltd for an amount of Rs 61.65 crore. Its wholly owned subsidiary ‘Deepak Chem Tech Ltd’ has entered into a share purchase agreement with the shareholders of Narmada Thermal Power Private Ltd (NTPPL) to acquire 100% paid up share capital of NTPPL for approximately Rs 61,65,00,000, “Deepak Nitrite stated in the exchange notification. Deepak Nitrite said the acquisition is expected to be completed by June 30. NTPPL does not currently conduct any activities. He has industrial land of approximately 125 acres in Bharuch, Gujarat.

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