GMM Pfaudler acquires majority stake in Pfaudler Group

GMM Pfaudler's shares rise in Pfaudler Group as the company acquires majority stake in the global business of the latter. Now, GMM will hold 34.4 percent stake in the Pfaudler Group.

Talking about loan against pledged taken by Pfaudler International, Tarak Patel, Managing Director at GMM Pfaudler, said, “The loan has been transferred to GMM International which is the holding company that we have created. This company is in Luxembourg and the entire facilities will be rolled over to this new company and that has already happened as of yesterday.”

“The current debt for the international business is about $ 55 million, we have cash on hand as well about 30 million, so net debt is around $25 million.”

On Q4 numbers Patel said, “This consolidation will change the Q4 numbers significantly so as a standalone company we are much smaller, on a consolidated basis we are will be about Rs 2,000 crore for FY21. So we will get two months of consolidation February and March so there will be a significant improvement in the Q4 numbers of GMM in consolidated numbers.”