Kirloskar Oil Engines to acquire balance equity stake of La Gajjar Machineries

Kirloskar Oil Engines Limited (KOEL) [BSE: 533293; NSE: KIRLOSENG], a leader in the manufacturing of diesel engines, agricultural equipment, and generator sets with a sizable presence in international markets, announced today announced that it will acquire balance stake in La-Gajjar Machineries Private Limited (LGM), Ahmedabad. KOEL had acquired 76% stake in LGM in the year 2017 with an agreement that the balance holding will be acquired by KOEL over a 5 year period.

By completing the acquisition as per previously agreed timelines, LGM will become a 100% subsidiary of KOEL. With a strong management team in place, LGM will focus on building this business to its real potential, deepening and widening its reach and leveraging KOEL's expertise in channel, service, manufacturing and R&D to build a world class and self-sustaining organization.

LGM has been engaged in the manufacturing and sale of Submersibles and monoblock pumps and pump sets and stainless steel pumps in the domestic and export markets since its incorporation in 1981. LGM is a subsidiary of KOEL since 1st August 2017.

Source : Equity Bulls

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KirloskarOilEngines Acquisition LaGajjarMachineries