MOU by our subsidiary company M/s. Novva Defence Iinds Limited for Acquisition of 51% Stake in SJ Construction (Partnership Firm)
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Darjeeling Industries Ltd's subsidiary Novva Defence Inds Limited has signed an MOU to acquire a 51% majority stake in SJ Construction, a partnership firm. This represents a strategic acquisition move by the company's defense subsidiary into the construction sector. The deal is at MOU stage, meaning it's a preliminary agreement and not yet finalised. The acquisition, if completed, would consolidate SJ Construction into the Novva Defence group structure.
The acquisition signals business expansion through the subsidiary, potentially adding construction capabilities to the defense business. Investors should monitor for final binding agreement terms, valuation details, and any regulatory approvals required.