New Delhi-based Amulya Leasing & Finance Limited has acquired 16.47 per cent equity stake in plastic piping system manufacturer Apollo Pipes Limited for an undisclosed amount, according to a stock market disclosure.
Apollo Pipes, a part of Sudesh Group of Industries, is a leading manufacturer of irrigation systems, sprinklers, CPVC, HDPE, u-PVC, column pipes and fittings for irrigation, plumbing and water transportation systems.
The company started manufacturing u-PVC with a capacity of 3600 MT per annum in 2000. Since then, it has undergone impressive expansion to produce 24000 MT per annum of u-PVC pipes, 3600 MT of PE pipes and 2400 MT per annum of PPR pipes, manufacturing a wide range of high end and niche products.
The company has its manufacturing plants in Uttar Pradesh, according to information available on its website.
On the other side, Amulya Leasing & Finance is non-banking finance company and is into financing and sale and purchase of shares. The company was founded in 1985 and is based in New Delhi.
Shares of Amulya Leasing were trading at Rs 53.25 per share, up 0.85 per cent from their previous close on the BSE in flat Mumbai market.
(Edited by Joby Puthuparampil Johnson)