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Texmaco Rail going to acquire 76 percent stake in Bright Power

The Board of Texmaco Rail and engineering has approved the acquisition of majority 76 percent stake in Bright Power for Rs 100 crore.

Texmaco Rail & Engineering has informed to BSE that, “The duly empowered Committee of Board of Directors of the Company at its meeting held on September 14, 2015 has approved the execution of a non-binding term-sheet with promoters of Bright Power Projects (India) Private Limited for the acquisition of majority equity share capital (76%) of Bright Power at an enterprise value of about Rs 100 crore.”

It further said that the acquisition will be funded through internal accruals of the company.

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