New Delhi: Urvi T & Veg Lamps Ltd on Wednesday said it has agreed to acquire up to 55 per cent stake in power systems and defense equipment maker SKL (India) Pvt Ltd for about Rs 20 crore.
The leading LED lamp maker for automotive and home applications said in a statement that it will acquire 55 per cent stake in SKL India from the existing promoters in multiple tranches for a total consideration of Rs 20.1 crore.
The company has signed an agreement with the promoters of SKL India to acquire 43.91 per cent stake in the first tranche, 6.1 per cent stake in the second tranche and the remaining stake in subsequent tranches, the statement said.
It said the deal is expected to be completed within 24 months of completion of the first tranche.
“The company is entering the defense sector. SKL India is an established player in its industry that is available for acquisition at a reasonable valuation,” Uravi Tea and Veg Lamp said in the statement.
SKL India is engaged in the design and manufacturing of power systems, related equipment and special purpose defense equipment.
The company reported revenue of Rs 20.2 crore for FY 2023-24.
The company uses the latest tools and 3D software to design solutions to meet the needs of its customers. It serves mostly domestic customers.
Urvi, a manufacturer and supplier of incandescent and wedge-based automotive lamps, has reported 23 per cent rise in total income to Rs 42.68 crore for the financial year 2023-24.
The leading LED lamp maker for automotive and home applications said in a statement that it will acquire 55 per cent stake in SKL India from the existing promoters in multiple tranches for a total consideration of Rs 20.1 crore.
The company has signed an agreement with the promoters of SKL India to acquire 43.91 per cent stake in the first tranche, 6.1 per cent stake in the second tranche and the remaining stake in subsequent tranches, the statement said.
It said the deal is expected to be completed within 24 months of completion of the first tranche.
“The company is entering the defense sector. SKL India is an established player in its industry that is available for acquisition at a reasonable valuation,” Uravi Tea and Veg Lamp said in the statement.
SKL India is engaged in the design and manufacturing of power systems, related equipment and special purpose defense equipment.
The company reported revenue of Rs 20.2 crore for FY 2023-24.
The company uses the latest tools and 3D software to design solutions to meet the needs of its customers. It serves mostly domestic customers.
Urvi, a manufacturer and supplier of incandescent and wedge-based automotive lamps, has reported 23 per cent rise in total income to Rs 42.68 crore for the financial year 2023-24.
