Kilburn Engineering Limited has executed a share purchase agreement with the promoters and shareholders of Monga Strayfield Private Limited (MSPL) for the acquisition of 100% of the company’s paid-up capital. Kilburn’s Board approved the transaction of Directors at their meeting held on August 21, 2024, and the agreement was signed on November 18, 2024.
The company posted a revenue of INR 72.90 crore for the fiscal year 2023-24, with a profit after tax (PAT) of INR 15.41 crore. With a solid financial standing and an established presence, including a subsidiary in the United Kingdom and a joint venture in Canada, MSPL is well-positioned for future growth in the international market.
The acquisition aligns with Kilburn Engineering’s strategic goals to expand its manufacturing capabilities and diversify its product portfolio. By integrating MSPL’s technology and expertise in thermal systems, Kilburn aims to enhance its product offerings in the drying solutions sector, thus driving its next phase of growth.
The total consideration for the transaction is INR 123 crore, comprising a combination of cash and non-cash payments. Kilburn Engineering is targeting to complete the acquisition by December 31, 2024.
Arvind Bajoria, Company Secretary and DGM (Costing) at Kilburn Engineering confirmed that the acquisition would significantly enhance Kilburn’s capabilities in the drying technology sector. He further assured that the transaction was conducted at arm’s length and did not involve any related-party transactions.
The acquisition will allow Kilburn to expand its presence in the high-demand sector of radio frequency dryers, which have applications in a variety of industries, including food processing, pharmaceuticals, and manufacturing. It will also enable Kilburn to leverage MSPL’s established client base and experience in international markets, specifically in the UK and Canada.
