Lloyds Metals to acquire Thriveni Earthmovers

Mumbai-based Lloyds Metals and Energy Ltd (LMEL) is to acquire a majority stake in Salem, Tamil Nadu-headquartered Thriveni Earthmovers and Infra Pvt Ltd (TEIL).The proposed transaction is structured in three steps. First, LMEL will subscribe to a 79.82% equity stake in TEIL. This will be followed by the demerger of the mining development and operations (MDO) business of Thriveni Earthmovers Pvt Ltd (TEMPL) into TEIL. Subsequently, TEIL will acquire a majority stake in Lloyds Surya Pvt Ltd, making it a subsidiary.