Kirloskar Oil Engines to acquire residual 24% stake of La-Gajjar Machineries

Pune-based, publicly-listed Kirloskar Oil Engines Ltd (KOEL) is to acquire the balance 24% stake in Ahmedabad-based La-Gajjar Machineries Pvt Ltd (LGM). In 2017, KOEL had acquired 76% stake in LGM. LGM is a submersible and monoblock pump manufacturer with established brands "Varuna" and "Raindrop" and a pan-India distribution setup. Its proprietary product range includes submersible 3" to 10" oil and water cooled pumps with motor ratings from 0.5 to 150 HP.