Kirloskar Oil Engines Limited, 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.
LGM is a leading submersible and mono block pump manufacturer in India with established brands “Varuna” and “Raindrop” and a pan-India distribution setup. Its proprietary product range includes submersible 3” to 10” oil and water cooled pumps with motor ratings from 0.5 to 150 H.P. including stainless steel pumps and mono block pumps. The Company enjoys market leadership position and is among top 5 players in some of the states of India. LGMs manufacturing facilities are in Ahmedabad in Gujarat which are backed by a sales and service network providing access to over 3,000 counters
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.