Deepak Nitrite's Arm To Acquire Narmada Thermal Power For Rs 61.65 Crore

Deepak Nitrite on Friday said its arm will acquire a 100% stake in Narmada Thermal Power Private Ltd for a cash consideration of Rs 61.65 crore. Deepak Nitrite said the acquisition is expected to be completed by June 30.

"Its wholly-owned subsidiary 'Deepak Chem Tech Ltd has entered into a share purchase agreement with shareholders of Narmada Thermal Power Private Ltd to acquire 100% paid up equity share capital of NTPPL for around Rs 61,65,00,000," Deepak Nitrite said in an exchange filing.

NTPPL is not carrying any business at present. It has industrial land of around 125 acres in Bharuch, Gujarat.