Kirloskar Oil Engines Limited (KOEL) will acquire the balance equity stake in La-Gajjar Machineries Private Limited (LGM), Ahmedabad, the company said on Wednesday. The company had acquired 76 per cent stake in LGM in 2017 with an agreement that the balance holding will be acquired by it over a five-year period. By completing the acquisition, LGM will become a 100 per cent 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," the company said. KOEL manufactures diesel engines, farm equipment and generator sets and has a sizable presence in international markets. It also manufactures diesel engines for construction equipment. The company specializes in manufacturing air-cooled and liquid-cooled engines for diesel generator sets across a wide range of power outputs (2kVA to 1500 KVA). Ahmedabad-based La-Gajjar is a submersible and mono block pump manufacturer in the country with established brands “Varuna” and “Raindrop” and a pan-India distribution setup.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today
Add Business Today to Home Screen