Deepak Nitrite's Strategic Acquisition: Securing NTPPL

Deepak Nitrite's subsidiary, Deepak Chem Tech Ltd, will acquire a 100% stake in Narmada Thermal Power Private Ltd (NTPPL) for Rs 61.65 crore. The acquisition, involving industrial land in Bharuch, Gujarat, is expected to finalize by June 30. NTPPL currently holds 125 acres of industrial land.

Deepak Nitrite on Friday said its arm will acquire a 100 per cent stake in Narmada Thermal Power Private Ltd for a cash consideration of Rs 61.65 crore. Its wholly-owned subsidiary ''Deepak Chem Tech Ltd has entered into a share purchase agreement with shareholders of Narmada Thermal Power Private Ltd (NTPPL) to acquire 100 per cent paid up equity share capital of NTPPL for around Rs 61,65,00,000,'' Deepak Nitrite said in an exchange filing. Deepak Nitrite said the acquisition is expected to be completed by June 30. NTPPL is not carrying any business at present. It has industrial land of around 125 acres in Bharuch, Gujarat.