Force Motors’ Board of Directors has given in-principle approval to explore acquiring 100% of Veera Tanneries Private Limited (VTPL). The potential acquisition of the tannery business is subject to mutually agreeable terms and conditions. The decision was made during a board meeting held on February 4, 2026. VTPL is involved in manufacturing Chrome Free Organic Leather.
Potential Acquisition of Veera Tanneries
The Board of Directors at Force Motors has considered and approved, in principle, the exploration of acquiring 100% shares in Veera Tanneries Private Limited (VTPL). This decision was made during a meeting held on February 4, 2026.
Details of the Target Company
VTPL is a private limited company involved in the tannery business, specifically manufacturing Chrome Free Organic Leather. Incorporated under the Companies Act, 1956, VTPL has an Authorized Share Capital of Rs. 10,00,000 and a Paid-up Share Capital of Rs. 2,51,000. As per the latest audited financial statements, VTPL’s turnover for FY 2024-25 is Rs. 36,01,991.
Strategic Rationale
The acquisition aims to secure land bank for expanding Force Motors’ current business. The proposed acquisition is expected to be completed before March 31, 2026, or as mutually agreed, subject to mutually agreed terms and conditions.
Financial Considerations
The proposed consideration will be payable in cash. The cost of acquisition will be ascertained post the required due diligence and as may be mutually agreed. Force Motors intends to acquire the entire shareholding of VTPL.
Target Company Background
VTPL was incorporated on August 19, 1978. The Company’s operations are based in India. It is engaged in the business of tannery for manufacturing Chrome Free Organic Leather. The turnover for the past three financial years is as follows:
- FY 2024-25: Rs. 36,01,991
- FY 2023-24: Rs. 1,03,72,724
- FY 2022-23: Rs. 71,10,875
Source: BSE
