Kirloskar Oil Engines to acquire Gujarat-based La-Gajjar Machineries
June 22, 2017
Ahmedabad: Kirloskar Oil Engines Ltd, which manufactures diesel engines and generator sets, has agreed to acquire Gujarat-based submersible pumpsets manufacturer La-Gajjar Machineries Pvt. Ltd.
Kirloskar, which is backed by Singapore-based private equity firm Nalanda Capital Pte. Ltd, said in a stock market disclosure that the deal will provide it with a strong footprint in the electric pumps segment through La-Gajjar’s Raindrop and Varuna brands of submersible and mono-block pumps.
La-Gajjar, which was founded in 1981, was the first Indian company to launch oil-filled motors, and claims to be the market leader in Uttar Pradesh and Odisha. Since 2002, it has also started exporting to West Asian nations. Its net sales for 2016-17 were Rs 400 crore, compared with Rs 317 crore for the previous year.
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