Hindustan Composites to buy stake in JL Morison

New Delhi, July 6: Hindustan Composites today announced that it would acquire 9.85 per cent stake in J L Morison (India) Ltd from its promoter J L Morison (UK) Ltd.

The company will purchase 1,34,400 equity shares for Rs 150 per share, subject to necessary approvals.

Hindustan Composites is engaged in the development, manufacture and marketing of asbestos industrial products and friction materials in India for over 45 years.

It has been catering to the needs of core sector industries including railways, engineering, mining, aerospace, steel, chemical, petrochemical and others.

UNI