Greaves Cotton Ltd has entered into a definitive agreement for the multi-tranche acquisition of Excel ControLinkage Pvt Ltd. The acquisition will cost Rs 385 crore and will be completed in four phases.
In the first tranche, Greaves Cotton Ltd will acquire 60 per cent of the shareholding through a secondary route from existing shareholders, subject to the fulfilment of customary closing conditions.
Greaves Cotton in February had announced the signing of a binding term sheet to acquire a 100 per cent stake via multiple tranches in Excel ControLinkage Pvt Ltd.
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“It will unlock powerful synergies between the two companies, streamlining product offerings and enhancing customer convenience,” said Nagesh Basavanhalli, Executive Vice-Chairman of Greaves Cotton Ltd.