Kirloskar Oil Engines Ltd has acquired balance 24% equity shares of La-Gajjar Machineries Private Limited (LGM) as per the Shareholders' Agreement including amendments thereof on 26th September 2022. Consequent to the aforesaid acquisition, the Company is holding 100% equity shares of LGM and LGM has become a Wholly Owned Subsidiary of the Company, instead of Subsidiary Company.
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. With effect from 26th September 2022, LGM has become a Wholly Owned Subsidiary of the Company.
KOEL is in the business of manufacturing and selling of pump sets. The acquisition of balance shares of LGM provides KOEL an opportunity to consolidate its shareholding in the company with a strong and established footprint into the electric pump market through its 'Varuna' and 'Raindrop' brand of submersible and monoblock pumps which enables further consolidation of KOEL's strong position in the pump segment. This acquisition underlines our commitment and focus to consolidate, grow and deliver in the space of energy, water and food.