Jupiter Wagons Ltd on Tuesday raised Rs 403 crore through qualified institutional placement route. The funds, it said, will used for funding the company's growth plans, including setting up of a new foundry at Jabalpur.
"In addition to an increase in backend capacity which will aid production enhancement across multiple business verticals this will also lead to savings on transportation of products from Kolkata foundry to Jabalpur," the company statement said.
The QIP has received an overwhelming response from investors like Tata Mutual Fund, HSBC Mutual Fund and Morgan Stanley, the company said.
"The funds raised will be deployed towards expanding capacity, tactfully pursuing backward integration including through inorganic initiatives and for scaling up emerging business verticals.
"This infusion will serve as a growth catalyst by strengthening our core competencies and positioning us favorably amidst tailwind in the mobility industry," company's Managing Director Vivek Lohia said.
Jupiter Group is a manufacturer of railway wagons, passenger coaches, wagon components and castings in the country.
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