Lloyds Engineering Works Limited to acquire majority share in Techno Industries Pvt Ltd

Lloyds Engineering Works Ltd. (LEWL) has announced the acquisition of 77% of Techno Industries Private Limited (TI) via a share purchase agreement, a move that marks its strategic entry into the fast-growing electrical engineering sector. This acquisition broadens LEWL's product portfolio and strengthens its market position. With TI's already strong base, LEWL aims to solidify its presence further. TI's acquisition will open a window for LEWL to the B2C segment. The company's revenue was INR 168 cr. in the F.Y. 2023-24 and post-acquisition in the next 5 years it is expected to grow multifold.

Mr. Shreekrishna Gupta, Whole-time Director at Lloyds Engineering Works Ltd., expressed his optimism stating that "Lloyds Engineering Works Ltd. is thrilled to announce the acquisition of Techno Industries Private Ltd. This strategic move significantly expands our product portfolio and market presence, marking a major milestone in our growth journey. We are particularly excited about entering the fast-growing electrical engineering sector and leveraging Techno Industries' established strengths. This acquisition aligns perfectly with our vision for growth and innovation, and we look forward to the new opportunities it will bring."

Shares of Lloyds Steels Industries Limited was last trading in BSE at Rs. 91.78 as compared to the previous close of Rs. 91.78. The total number of shares traded during the day was 1187538 in over 6314 trades.

The stock hit an intraday high of Rs. 93.49 and intraday low of 90.80. The net turnover during the day was Rs. 109094835.00.

Source : Equity Bulls

Keywords

LloydsEngineeringWorks INE093R01011 MajorityStake Acquisition TechnoIndustries