Slovakian railway wagon manufacturer Tatravagonka A.S., has picked up a significant minority stake in Kolkata-based Jupiter Group, for an undisclosed amount.
The Jupiter Group manufactures railway switches, wagons and crossings.
It received funding through primary infusion as well as secondary transfers from the existing promoters of the company. Initially, Tatravagonka has picked a minority stake and plans to invest more money in Jupiter's two companies—Jupiter Wagons Ltd and Jupiter Alloys & Steel Ltd in tranches to acquire up to 50 per cent stake.
The first round of the deal closed last week.
Emails sent to spokespersons of Tatravagonka and Jupiter Group separately for more information did not elicit any response till the time of filing this article.
Jupiter is a manufacturer of railway wagons, wagon components and casting in India. It has also ventured into manufacturing of AC EMU/MEMU and passenger coaches for Indian Railways. Besides, it manufactures railway turnouts for Indian Railways and global markets.
The company's unit is located at Shahgunj, Bandel on a 100 acre area.
Shardul Amarchand Mangaldas & Co acted as the legal advisor to the Jupiter Group on this deal while Deloitte Touche Tohmatsu India was the financial advisor.
From Tatravagonka's side, Khaitan & Co acted as the legal advisor and Alpen Capital was the financial advisor.