JTL Infra Limited (BSE:534600) agreed to acquire Chetan Industries Ltd on August 12, 2021. Board of Directors of JTL Infra approved the deal. JTL Infra, without further application, act or deed shall issue and allot to each of the shareholders of the Chetan Industries shares in proportion of 103 (One Hundred Three) Equity Shares of Face Value Rs.

2/- (Rupees Two) each in the JTL Infra for every 100 (Hundred) Equity Shares of face value of Re.1 (Rupees One) each held by them in the Chetan Industries pursuant to this Scheme of Amalgamation. Chetan Industries has a net worth of INR 320.1 million and revenues INR 2,543.2 million as of March 31, 2021. Dhruv Singla and Pranav Singla were newly appointed as directors to JTL Infra.

As of July 9, 2022, Board of Directors of JTL Infra Limited approved the Scheme of Amalgamation of Chetan Industries Limited. The above Scheme of Arrangement shall be subject to the approval of National Company Law Tribunal (NCLT) of relevant jurisdiction, Securities Exchange Board of India (SEBI), BSE Limited, Metropolitan Stock Exchange of India (“Stock Exchanges”), Shareholders and Creditors of both the Companies. As per document dated July 26, 2022, SEBI has approved Scheme of Amalgamation between Chetan Industries Ltd with JTL Infra Ltd filed by the company in early July 2022.