Chennai (IANS) Railway wagon and passenger coach major Jupiter Wagons Ltd on Tuesday said it has completed raising Rs 403 crore from qualified institutional placement (QIP).
According to the company, the funds raised will be used for setting up a new foundry at Jabalpur which in turn not only increases the capacity but also saves on cost of transporting from the Kolkata foundry to the unit in Jabalpur.
Further, the Company will use the funds towards backward integration by way of inorganic growth, working capital optimization and for other corporate purposes.
“We are pleased with the confidence demonstrated by high quality investors in Jupiter Wagons Limited,” said Vivek Lohia, Managing Director.
He also said the QIP funds will be utilized for expanding capacity, integrating backwards including inorganic route and for scaling up new business verticals.