Jubilant Ingrevia Arm Acquires 6.67% Stake in Forum I Aviation

31 Dec 2024 , 01:04 AM

Jubilant Ingrevia Ltd, had just announced that its group company, Jubilant Infrastructure Ltd (JIL), has bought an additional 6.67% stake in Forum I Aviation Private Ltd (FAPL). The board approved this acquisition on December 30, 2024. The equity bought of 6.67% was from Hero Fincorp Ltd and Sunil Kant Munjal.

This acquisition will give JIL a 15.79% stake in FAPL. Forum I Aviation, which started operations in the year 2004, operates on a permit basis from the Indian Ministry of Civil Aviation on a charter basis. The company revenue for fiscal year 2023-24 is ₹27.32 crore.

The deal is estimated to be ₹10.29 per share, and the deal is expected to be completed in the current financial year. This deal forms part of Jubilant Infrastructure’s strategy for business operations and expansion into the aviation sector.

The acquisition, wherein cash will be utilized, will improve the position of Jubilant Infrastructure in the increasingly massive aviation industry with long-term growth expectations further supported. JIL enhances its holding in FAPL for further contribution toward the success and growth of the aviation business in India.