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The Gainwell Group has announced the acquisition of a majority stake in Kolkata-based TIL, an infrastructure equipment manufacturer. With this, the company aims to leverage the strengths of both entities, expanding their respective product lines.
The acquisition was made through Indocrest Defence Solutions (IDSPL), a group entity. IDSPL has infused Rs 120 crore into TIL including Rs 70 crore for a preferential share subscription. Gainwell group’s holding in the company will be 43 percent, while that of TIL would go down to 32 percent from the current 56 percent. The revitalisation plan for TIL spans two years and includes the introduction of new-generation products, refurbishing existing offerings, and increasing efficiency for accelerated product deliveries.
The company’s expertise in aftermarket support is expected to transform its customer assistance approach over three to four quarters. This collaboration is anticipated to contribute positively to reducing India’s dependence on imported capital goods, particularly in strategic sectors like defence and deep soft rock mining.
Under the new leadership, TIL will continue to manufacture its range of cranes, including rough terrain cranes, truck cranes, and pick n carry cranes. Gainwell group had acquired the caterpillar dealership business of TIL in 2016. |
