PNN
Mumbai (Maharashtra) [India], June 28: Uravi T & Wedge Lamps Limited (NSE Code: URAVI, BSE Code: 543930), one of the leading manufacturers and suppliers of Automotive Incandescent and Wedge Lamps, is pleased to announce its decision to acquire up to 55% of the shares of SKL (India) Private Limited ("SKL India") through a secondary acquisition, in one or more tranches. The total consideration for this acquisition is up to Rs 20.1 million, which will be paid to the existing promoters of SKL India ("the Sellers").
In the first tranche, the Company will acquire up to a 43.91% stake, followed by an additional 6.1% in the second tranche. The remaining participation may be acquired in subsequent tranches. This strategic move aims to strengthen the Company's market position and expand its presence in the industry.
SKL (India) Private Limited is engaged in the design and manufacturing of power systems, associated equipment and special purpose defense equipment. With this strategic acquisition, Uravi will enter the Defense Sector. SKL India is an established player in its industry that is available for acquisition at a reasonable valuation.
This acquisition aligns with the Company's long-term growth strategy and its commitment to delivering enhanced value to its stakeholders.
Commenting on the acquisition, Mr. Niraj Gada, Managing Director and CEO, said, "I am delighted to announce the strategic acquisition by Uravi T and Wedge Lamps Limited of a majority stake in SKL (India) Private Limited. This acquisition marks an important milestone in our growth journey and aligns perfectly with our long-term vision to enhance our market presence and expand our product offering By leveraging SKL India's expertise and capabilities, we aim to drive greater growth. value for our stakeholders and strengthen our competitive advantage in the industry. "We are committed to a seamless integration and look forward to the synergies this partnership will bring."
Mumbai (Maharashtra) [India], June 28: Uravi T & Wedge Lamps Limited (NSE Code: URAVI, BSE Code: 543930), one of the leading manufacturers and suppliers of Automotive Incandescent and Wedge Lamps, is pleased to announce its decision to acquire up to 55% of the shares of SKL (India) Private Limited ("SKL India") through a secondary acquisition, in one or more tranches. The total consideration for this acquisition is up to Rs 20.1 million, which will be paid to the existing promoters of SKL India ("the Sellers").
In the first tranche, the Company will acquire up to a 43.91% stake, followed by an additional 6.1% in the second tranche. The remaining participation may be acquired in subsequent tranches. This strategic move aims to strengthen the Company's market position and expand its presence in the industry.
SKL (India) Private Limited is engaged in the design and manufacturing of power systems, associated equipment and special purpose defense equipment. With this strategic acquisition, Uravi will enter the Defense Sector. SKL India is an established player in its industry that is available for acquisition at a reasonable valuation.
This acquisition aligns with the Company's long-term growth strategy and its commitment to delivering enhanced value to its stakeholders.
Commenting on the acquisition, Mr. Niraj Gada, Managing Director and CEO, said, "I am delighted to announce the strategic acquisition by Uravi T and Wedge Lamps Limited of a majority stake in SKL (India) Private Limited. This acquisition marks an important milestone in our growth journey and aligns perfectly with our long-term vision to enhance our market presence and expand our product offering By leveraging SKL India's expertise and capabilities, we aim to drive greater growth. value for our stakeholders and strengthen our competitive advantage in the industry. "We are committed to a seamless integration and look forward to the synergies this partnership will bring."
