Chennai, 19 October 2022: Jupiter Wagons Ltd. (JWL), a leading company providing complete mobility solutions is announced as a successful resolution applicant by the Committee of Creditors of Stone India Limited, subject to necessary approval of the Resolution Plan by the Hon’ble Adjudication Authority. Stone India is a supplier of railway brake systems and other engineering products for the Indian Railways.
JWL already has an expansive product portfolio and is the one-stop mobility solutions provider. The addition of Stone India will strengthen JWL’s offerings for Railways including braking systems and other engineering products. Both entities are engaged in the same line of activity, the acquisition of Stone India Limited shall thereof provide natural synergy to the Company.
“Stone India is a strong and strategic fit for Jupiter Wagons and the combination of the two companies will drive significant value. The acquisition will result in the enhancement of the overall portfolio strength. Our recent success of getting listed on bourses and now acquiring Stone India is a direct reflection of strategic business expansion. This acquisition will allow us to accelerate our development plans and enable us to excel in the offerings for the Indian railways,” said Mr. Vivek Lohia, Managing Director, Jupiter Wagons Limited.
JWL recently completed the reverse merger with CEBBCO (Commercial Engineers & Body Builders Company Ltd.), through the acquisition and got listed on the stock exchanges. It also entered the electric mobility market with the launch of ‘Jupiter Electric Mobility’ (JEM) focusing on commercial EV vehicles. The company has formed a joint venture with EA GreenPower Private Limited a wholly-owned subsidiary of GreenPower Motor Company Inc.(“GreenPower”). With the JV with GreenPower, JWL seeks to align the technology assets of both organizations by generating safety and sustainability in the EV market.
JWL’s expansive products span across Wagons, Coupler, Draft Gear, Bogie, CMS Crossings, Passenger Coach (LHB), Metro Coach, and Loco. Their clientele includes the Ministry of Defense, Indian Railways, TATA Motors, JSW, Adani, Ultratech, Reliance Industries Ltd, Ashok Leyland, DP World, Konioke Group, Eicher, L&T, GATX, AMW, Kalburgi Cement, Unitrac, Wabtec and more.