M&A

M&A

Pioneer Jellice to acquire Narmada Gelatines for Rs.148-Cr

Business Line   BSE Announcements   BSE Announcements  

Pioneer Jellice India Pvt Ltd, a joint venture company formed by Japan's Jellice along with two Sivakasi-based companies (Pioneer Asia Group and Ashok Matches), will acquire 100% of publicly-listed Narmada Gelatines Ltd, for INR 148 crore. The JV has acquired a 75% stake in Narmada Gelatines from the latter's promoter entity - Alfamont (Mauritius) Ltd - for INR 103 crore (at INR 229 per share) and has made an open offer to acquire the balance 25% from public shareholders (at INR 303 per share) aggregating to INR 45 crore. Narmada Gelatines manufactures pharma gelatines, industrial gelatines, edible gelatines, and di-calcium phosphate for poultry feed. The company reported a net profit of INR 15.29 crore on revenue of INR 193 crore for FY23 as against a net profit of INR 12.34 crore on revenue of INR 160 crore in the previous fiscal.