Kalpataru Power Transmission on Saturday announced a merger with JMC Projects (India) Ltd, which will create one of the largest engineering, procurement and construction (EPC) companies in the country.

With the appointed date of April 1, 2022, the merger process is expected to be completed in the fourth quarter of FY 2022-23, it added.

“The board of directors of Kalpataru Power Transmission Ltd (KPTL) and JMC Projects (India) Ltd (JMC) in their respective meetings held on February 19, 2022 have approved the scheme of amalgamation which inter alia provides for the merger of JMC with KPTL (Scheme),” a company statement said.

The merger is subject to approvals from the Gujarat bench of the National Company Law Tribunal (NCLT), statutory authorities, stock exchanges, shareholders, creditors and such other authorities, as may be required, it added.

Pursuant to the scheme, JMC’s shareholders (other than KPTL) will be allotted one share of KPTL against every four shares held by them in JMC.