Lloyds Engineering Works Limited has announced that its Board of Directors has approved the acquisition of an additional 11% equity stake in Techno Industries Private Limited (TIPL) for Rs 25 crore. The transaction will increase Lloyds Engineering’s total shareholding in TIPL to 88%.
The acquisition will involve purchasing 13,75,000 equity shares from the existing shareholders of TIPL for cash consideration. The company stated that the deal is of strategic nature, aimed at expanding its product offerings in the electrical engineering space, especially in pumps, motors, and elevators.
Techno Industries, incorporated in May 2000 and based in Ahmedabad, Gujarat, recorded a turnover of Rs 1,675.6 crore in FY24. The company has shown consistent revenue growth over the past three years and operates primarily in the manufacturing and marketing of pumps, motors, and elevator systems.
Lloyds Engineering confirmed that this transaction does not fall under related party transactions and does not require any regulatory approval. The company expects to complete the acquisition within three months from the first closing date.
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