Stock Report

Tega Industries Limited enters the business of equipment manufacture following the acquisition of McNally Sayaji Engineering Limited

Posted On : 2023-03-30 13:51:40( TIMEZONE : IST )

Tega Industries Limited enters the business of equipment manufacture following the acquisition of McNally Sayaji Engineering Limited

Tega Industries Ltd has successfully completed the acquisition of MSEL effective from 29th March 2023.

This acquisition takes Tega Industries Limited a decisive step forward to emerging as a comprehensive solutions provider in the global mineral beneficiation, mining and bulk solids handling industry. Tega, which designs and manufactures critical-to-operate and recurring consumable products in the mineral processing industry, offers comprehensive solutions across the world. This acquisition is directed at holistic value-creation for all stakeholders. The acquisition of an Original Equipment Manufacturer (OEM) for the mining and mineral beneficiation sector is expected to enhance the Company's footprint in India and offer comprehensive solutions to global clients through a wide synergistic product portfolio. This will position Tega as one of the most integrated global companies in its space, strengthening its brand and visibility as a turn-to global solutions provider.

McNally Sayaji Engineering Limited enjoys a rich track record of having installed equipment in India, Russia, Kenya, Mozambique, Zambia, South Africa, Indonesia, UAE, Oman and Saudi Arabia. The Company intends to build existing MSEL competencies and extensive global presence to graduate it into one of the leading equipment manufacturing players the world over.

Mr. Mehul Mohanka, Managing Director & Group CEO of Tega Industries: "We are delighted to announce the completion of acquisition of McNally Sayaji, a recognized mineral processing equipment manufacturer. With this acquisition, we will be able to leverage our combined technical know-how, engineering capabilities and global reach that will scale the Tega Group further. Our journey shall focus on operational excellence, enhancing stakeholder value and providing best-in-class customer solutions. While we shall sustain the rich 60-year legacy of McNally Sayaji, we will modernize its capabilities so that it becomes a leading integrated mining and mineral processing company."

Shares of Tega Industries Ltd was last trading in BSE at Rs. 698.55 as compared to the previous close of Rs. 671.40. The total number of shares traded during the day was 3405 in over 551 trades.

The stock hit an intraday high of Rs. 707.00 and intraday low of 663.05. The net turnover during the day was Rs. 2353313.00.

Source : Equity Bulls


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