Greaves Cotton Ltd., a diversified engineering company, said it has entered into a definitive agreement for the multi-tranche acquisition of Excel ControLinkage Private Ltd.
As part of this agreement, in the first tranche, the Greaves Cotton will acquire 60% of the shareholding through a secondary route from existing shareholders, subject to the fulfilment of customary closing conditions.
In February 2023, the company had announced the signing of the binding term sheet to acquire a 100% stake through multiple tranches in Excel ControLinkage Pvt. Ltd.
Nagesh Basavanhalli, Executive Vice Chairman, Greaves Cotton said the deal “will unlock powerful synergies between the two companies, streamlining product offerings and enhancing customer convenience.”
By combining competencies in the motor controller line of business in Greaves and electronic sensors in Excel, the two companies will have a stronger right-to-win in the electric powertrain and power electronics segments, he said.
“This will allow them to stay ahead of the competition and establish a stronger market position by offering a larger playing field for specialised technical talent, providing more career growth opportunities for the company,” he added.
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