Godawari Power and Ispat Limited (GPIL) has formally notified the stock exchanges regarding the acquisition of 58,92,256 equity shares in its associate company, Jammu Pigments Limited (JPL). This acquisition was executed through the conversion of Compulsorily Convertible Preference Shares (CCPS) into equity, effective June 29, 2026, without requiring any additional cash infusion.

The board notification details that this transaction increases GPIL’s equity holding in JPL from 26,77,506 shares to 85,69,762 shares. Consequently, GPIL now holds a 43.96% stake in the total paid-up share capital of JPL. This conversion process follows the initial investment made by GPIL in CCPS during the 2024-25 fiscal year, which involved a total investment cost of Rs 175 Crores.

Godawari Power and Ispat Limited, part of the Hira Group, is a prominent player in the Indian steel industry, integrated across the value chain from mining to power generation and finished steel products. According to reports from 2025, the company has been actively focusing on operational efficiency and capacity expansion to sustain its growth momentum in the competitive steel market. Jammu Pigments Limited, the entity in which the stake was increased, specializes in the recycling of non-ferrous metals, specifically processing lead-acid batteries and secondary lead waste, with manufacturing facilities in Jammu & Kashmir and Rajasthan.

For the financial year 2025-26, Jammu Pigments Limited reported a turnover of Rs 877.89 Crores and a Profit After Tax (PAT) of Rs 33.26 Crores. These figures represent a notable improvement in both top-line and bottom-line performance compared to the previous fiscal year, where the company recorded a turnover of Rs 642.50 Crores and a PAT of Rs 14.69 Crores. While GPIL continues to strengthen its associate investments, it remains a company of significant interest to various institutional investors who track its strategic moves within the metal recycling and steel sectors.