M&A

M&A

Gainwell Group to acquire infra equipment maker for defence TIL

Bizindustry.in  

Gainwell Group, through its group entity Indocrest Defence Solutions Pvt Ltd (IDSPL), has acquired a dominant stake in publicly-listed TIL (formerly Tractors India) Ltd, an infra equipment manufacturer. Both Gainwell and TIL are based in Kolkata. IDSPL has infused INR 120 crore into TIL including INR 70 crore for subscribing to the preferential issue of shares.TIL has an order-board at about INR 300 crore in September 2023 dominated by defence sector orders. TIL supplies products to the Indian Army, Air Force and Navy and partners with defence gear manufacturers in government and private sector for domestic and export requirements.Gainwell, a capital goods manufacturer, has presence in the mining, construction, energy, defence, railways, and heavy equipment sectors.