Mogra Investment Pvt Ltd agreed to acquire 30.9% stake in Elgan India Martrade Private Limited from AJR Infra and Tolling Limited (NSEI:AJRINFRA) for INR 40.9 million on March 18, 2024. The consideration consists of INR 40.90 million in cash. As part of the consideration, INR 40.90 million was paid towards common equity.

Elgan India reported revenues of INR 110.4 million and net worth of INR 93.7 million as on March 31, 2023. The transaction was approved by the Board of Directors of AJR Infra and Tolling Limited. The share purchase agreement is yet to be signed and the transaction is expected to complete within three months from its execution.