Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
In a strategic move to bolster its position in the heavy equipment manufacturing industry, Gainwell Group, the prominent India dealer of Caterpillar heavy equipment, has successfully acquired TIL Ltd. (formerly Tractors India). As part of this acquisition, Gainwell has infused ₹120 crore into the Kolkata-based construction equipment maker, allocating ₹70 crore for subscribing to a preferential issue of equity shares.
Gainwell Group, headquartered in Kolkata, operates in diverse sectors such as mining, construction, energy, defence, railways, and heavy equipment. The capital goods manufacturer plans to make a significant investment of ₹1,000 crore over the next three years, aiming to transform into a $1-billion company by 2028, according to a senior company executive.
The acquisition of TIL Ltd. was executed through the group entity Indocrest Defence Solutions Pvt. Ltd. (IDSPL). In a noteworthy move, a new six-member board of directors, led by Gainwell Chairman and Managing Director Sunil Kumar Chaturvedi, has replaced the previous TIL board.
Chaturvedi stated that the new management of TIL has outlined a comprehensive two-year plan to revitalise the company, incorporating the introduction of new-generation products and advancements in engineering and technology to enhance its existing offerings.
TIL's product portfolio encompasses a diverse range of mobile cranes, lattice boom crawler cranes, reach stackers, container handlers, and custom-made defence equipment. To fund its ambitious expansion plan, Gainwell Group intends to utilise a combination of debt and equity. The allocated funds will be directed towards enhancing manufacturing capabilities at facilities in Kharagpur, West Bengal, and Chakan, Pune.
Moreover, Gainwell Group has plans to list Gainwell Engineering, a subsidiary specialising in underground mining machines utilising Caterpillar’s technology. This strategic move reflects Gainwell Group's commitment to furthering its presence and capabilities in the heavy equipment and manufacturing sectors.
Also Read : Apraava Energy wins new transmission project in Madhya Pradesh SAIL’s Bhilai mill hits highest-ever crude steel output in FY 2023-24
The Indian auto industry plans to invest up to $7 billion, or roughly ₹58,000 crore, by FY28 in orde...
Automobiles 01-Mar-2024
JSW Steel showed a record output of 26.43 million tonnes (MT) of crude steel during financial year 2...
Large Corporate 08-Apr-2024
India launched the second part of its critical minerals auction worth an estimated ₹30 trillion (abo...
Raw Material 01-Mar-2024
The demand for energy is consistently on the rise, and coal plays a pivotal role in India's energy s...
Press Releases 25-Apr-2024
Confidence Petroleum India and Norway-listed BW LPG have joined forces to establish a joint venture...
Mid Corporate 20-Feb-2024
On February 14, the Supreme Court made an oral observation suggesting that it would form a panel to...
Mid Corporate 15-Feb-2024