Uravi T and Wedge Lamps Limited Announces Strategic Acquisition of Majority Stake in SKL (India) Private Limited by Venturing into Defence Sector
Jun 28, 2024
PNN
Mumbai (Maharashtra) [India], June 28: Uravi T & Wedge Lamps Limited (NSE Code: URAVI, BSE Code: 543930), one of the leading manufacturers and supplier of incandescent and wedge-based automotive 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 Crores, which will be paid to the existing promoters of SKL India ("the Sellers").
In the first tranche, the Company will acquire up to 43.91% stake, followed by an additional 6.1% in the second tranche. The remaining stake may be acquired in subsequent tranches. This strategic move is aimed at strengthening the Company's market position and expanding its footprint in the industry.
SKL (India) Private Limited is engaged in design and manufacturing of Power Systems, Associated Equipments and Special Purpose Defense Equipments. With this strategic acquisition, Uravi will be venturing into Defense Sector. SKL India is an established player in its industry which is available for acquisition at a reasonable valuation.
This acquisition aligns with the Company's long-term growth strategy and commitment to delivering enhanced value to its stakeholders.
Commenting on the acquisition, Mr. Niraj Gada, Managing Director and CEO said, "I am thrilled to announce Uravi T and Wedge Lamps Limited's strategic acquisition of a majority stake in SKL (India) Private Limited. This acquisition marks a significant milestone in our growth journey and aligns perfectly with our long-term vision to enhance our market presence and expand our product offerings. By leveraging SKL India's expertise and capabilities, we aim to drive greater value for our stakeholders and strengthen our competitive edge in the industry. We are committed to seamless integration and look forward to the synergies this partnership will bring."
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