The acquired entity is having similar line of business, which is helpful in backward integration of the Jupiter Wagons. Hence Jupiter Wagons proposes to revive the unit and to resume production facilities to achieve the broader objective of the Insolvency and Bankruptcy Code 2016 (IBC).

The company will acquire 100% stake in Stone India for cash consideration of Rs 20.61 crore. The transaction will be completed by 12 months period.

Jupiter Wagons is a leading provider of complete mobility solutions with a diverse product portfolio. Its products include wagons, couplers, draft gears, bogies, crossings, and accessories for various types of coaches and vehicles. The company has recently entered the electric mobility market with Jupiter Electric Mobility (JEM), focusing on small and medium commercial electric vehicles. Jupiter Wagons serves clients in sectors such as railways, defense, leasing companies, construction, healthcare, energy, mining, infrastructure, logistics, and shipping.

The company's consolidated net profit surged 184% to Rs 39.21 crore in Q4 FY23 as compared with Rs 13.80 crore in Q4 FY22.Net sales jumped 96.3% year on year to Rs 711.70 crore in Q4 FY23 over Q4 FY22.