Kirloskar Oil Engines Limited (KOEL) has announced that it would acquire the balance stake in Ahmedabad-based La-Gajjar Machineries Private Limited (LGM). By completing the acquisition, LGM will become a 100 per cent subsidiary of KOEL.
KOEL had acquired 76 per cent stake in LGM in 2017 with an agreement that the balance holding will be acquired by KOEL over a 5-year period.
KOEL is a leading manufacturer of diesel engines, agricultural equipment, and generator sets with a sizable presence in international markets.
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It specializes in manufacturing air-cooled and liquid-cooled engines for diesel generator sets across a wide range of power outputs (2kVA to 1500 KVA). It has a significant presence in diesel and electric pump sets, power tillers, specialised fishing engines markets, among others.
LGM is a leading submersible and mono block pump manufacturer in India with established brands “Varuna” and “Raindrop” and a pan-India distribution setup.