On Wednesday, Kirloskar Oil Engines Limited (KOEL) announced that it would acquire the balance equity stake in La-Gajjar Machineries Private Limited (LGM), Ahmedabad.
With an agreement to acquire the balance of LGM over a five-year period, the company acquired 76 percent of the company in 2017.
LGM will become KOEL’s 100 percent subsidiary once the acquisition is completed. According to the company, LGM will build the business to its true potential with a strong management team, deepening and widening its reach and leveraging KOEL’s channel, service, manufacturing, and R&D expertise to achieve a world-class and self-sustaining entity.
Diesel engines, farm equipment, and generator sets are among the products KOEL manufactures. Construction equipment diesel engines are also manufactured by the company. Air-cooled and liquid-cooled engines are manufactured for diesel generator sets ranging in power output from 2 kVA to 1500 kVA by the company.
Founded in Ahmedabad in 2000, La-Gajjar is a manufacturer of monoblock pumps and submersible pumps with established brands such as Varuna and Raindrop.