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Innoventive Industries inks agreement to acquire 51% stake in ITPL

21 Sep 2012 Evaluate

Innoventive Industries (IIL) a leading multi-product engineering company has signed an agreement to acquire 51% stake in Innovative Technomics (ITPL). This acquisition remains subject to customary closing conditions. The company has valued ITPL’s business at Rs 23 crore. IIL will own 51% stake whereas balance will be held by Salunke Group.

Besides, ITPL have agreed in-principle to acquire 100% stake in Summit Corporation. ITPL enjoys synergy with Summit’s engineering capability. If this transaction materializes, Summit will become fellow subsidiary of IIL.

ITPL is an industry leader in high voltage soft starters and testing equipments catering to the domestic and international markets. ITPL’s range of niche engineering products comprises of High Voltage Soft Starters, High Speed Testing Equipment and Linear Motor Systems used in industries such as water, oil & gas, steel, cement and textile.

IIL manufactures precision steel tubes, membrane panel strips, auto components, oil well drilling couplings, pup joints and other precision steel products catering to applications in diverse sectors such as transportation, boilers & heat exchangers, energy, oil & gas, farm equipment & general engineering.

Peers
Company Name CMP
SamvardhanaMotherson 125.00
Tube Investments 2789.65
Bosch 37505.60
UNO Minda 1097.30
CIE Automotive India 490.15
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