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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