Kirloskar Oil Engines Limited (KOEL), a leader in the manufacturing of diesel engines, agricultural equipment, and generator sets with a sizable presence in international markets, announced that it will acquire balance stake in La-Gajjar Machineries Private Limited (LGM), Ahmedabad.
KOEL had acquired 76% stake in LGM in the year 2017 with an agreement that the balance holding will be acquired by KOEL over a 5 year period, a statement said.
By completing the acquisition as per previously agreed timelines, LGM will become a 100% subsidiary of KOEL. With a strong management team in place, LGM will focus on building this business to its real potential, deepening and widening its reach and leveraging KOEL’s expertise in channel, service, manufacturing and R&D to build a world class and self-sustaining organization, the statement said.
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