Press Release11 Mar 2024, 10:49 pm
Pitti Engineering Acquires Bagadia Chaitra Industries for 124.92 Crores
AI Summary
Pitti Engineering Limited (PEL) has signed an agreement to acquire 100% of Bagadia Chaitra Industries Private Limited (BCIPL) for an Enterprise Valuation of 124.92 crores. The acquisition includes an infusion of up to 40 crores for repaying BCIPL's debt on the Closing Date. The deal is subject to fulfillment of certain conditions precedent. BCIPL, a manufacturer of electrical laminations and aluminum die cast rotors, operates out of Tumkur, Karnataka, has an installed capacity of 18,000 Tonnes Per Annum, and will broaden PEL's presence in South India, add to the overall asset base, provide entry into new sectors, and enhance operational strength.
Key Highlights
- PEL signed an agreement to acquire 100% of BCIPL for 124.92 crores
- PEL will infuse up to 40 crores for debt repayment
- The deal is subject to certain conditions precedent
- BCIPL's manufacturing facilities are in Tumkur, Karnataka
- PEL to broaden presence in South India, add assets, enter new sectors, and enhance operational strength