Jost’s Engineering Company Limited Approves Divestment of Joint Venture and CFO Appointment
Jost’s Engineering Company Limited announced that its Board of Directors approved the divestment of 50% of its equity investment in its Joint Venture, Suryavayu Renewable and Energy Solutions Private Limited (SRESPL), to Kay Cee Energy & Infra Limited. The transaction will occur at a fair market value of INR 4.124 per share. Following the divestment, SRESPL will cease to be a joint venture.Additionally, the Board approved the incorporation of a wholly-owned subsidiary in India, intended to leverage future growth opportunities.
The company also announced the resignation of Mr. Pranesh Bhandari from the post of Chief Financial Officer and Key Managerial Personnel, effective March 31, 2026. Mr. K C Somani has been appointed as the new Chief Financial Officer and designated as Key Managerial Personnel, effective April 1, 2026.
Mr. Somani is a qualified Chartered Accountant with over 40 years of experience in financial planning, budgeting, accounts, and internal controls, previously with JSW Steels Limited and Ispat Group.
The Board Meeting commenced at 7:30 p.m. and concluded at 8:22 p.m.
Table: Details of New Chief Financial Officer
| Particulars | Description |
|---|---|
| Reason for change | Appointment of Mr. K C Somani as the Chief Financial Officer |
| Date of appointment | April 1, 2026 |
| Brief profile | Qualified Chartered Accountant with over 40 years of experience |
| Disclosure of relationships | Not Applicable |
Table: Details of Proposed Subsidiary
| S.No | Particulars | Details |
|---|---|---|
| 1 | Name of the target entity | Josts Techno Solutions Pvt Limited or Josts Tech Services Pvt Ltd |
| 2 | Whether acquisition is a related party transaction | Yes |
| 3 | Industry | Engineered Products and Service Business |
| 4 | Object and effect of acquisition | To carry out the business in the field of Engineered Products and Service |
| 6 | Indicative time period for completion | Subject to completion of the process as required by Ministry of Corporate Affairs |
| 7 | Consideration | Cash consideration |
| 8 | Cost of acquisition | Rs. 1,00,000 |
| 9 | Percentage of shareholding | 100% |
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