Jupiter Group Acquires 60 Percent Stake In CEBBCO

Kolkata-headquartered Jupiter Group, which manufactures freight wagons, railway components and railway equipment at its integrated, state-of-the art facility in West Bengal has, along with its international partners, announced the acquisition of over 60 percent stake in Madhya Pradesh based company Commercial Engineers & Body Builders Co. Ltd. (CEBBCO).

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CEBBCO which is a listed entity has been going through a resolution process under the RBI’s February 12 circular. As part of this resolution process, Jupiter Group, its international partner Tatravagonka and associated entities have acquired over 60 percent stake in CEBBCO. Major lenders to CEBBCO, Axis Bank and Tata Capital have opted to convert some part of their debt into equity clearly indicating their belief in the company’s fundamentals and the potential for a turnaro