Saroj Poddar-led Adventz Group firm Texmaco Rail and Engineering Ltd has acquired a 55 per cent equity stake in Mumbai-based Bright Power Projects (India) Pvt Ltd for an undisclosed amount, as per a stock market disclosure.
In September last year, the company had signed a non-binding term sheet with Bright Power to acquire a 76 per cent equity stake in at an enterprise value of Rs 100 crore ($15 million).
However, the company modified the terms with regards to the number of shares and has now acquired a 55 per cent equity stake in Bright Power.
Following the stake purchase, Bright Power has become a subsidiary of Texmaco Rail and Engineering.
“With Bright Power and its credentials in railway electrification field, Texmaco has strengthened its position as a rail solutions provider and is positioned to leverage on growth opportunities in railways infrastructure in coming years,” it said in the stock exchange filing.
Incorporated in 1994, Bright Power is an engineering procurement and construction company, specialising in over head electrification (OHE) solutions for Indian railways. It also serves sectors such as power, utilities, petrochemicals, pharmaceuticals and real estate.
In the financial year 2014-15, Bright Power recorded a turnover of Rs 78.2 crore and a net profit of Rs 6 crore. It has a current order book of about Rs 600 crore.
Texmaco (formerly Texmaco Machines Ltd) is a freight car manufacturing company. The company, which is engaged in the heavy engineering and steel foundry business, provides rail freight cars and diversified engineering services. The firm has five manufacturing units.