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HLE Glascoat signs definitive agreements to acquire majority stake in Kinam

HLE Glascoat Ltd. | Engineering - Industrial Equipments | Capital Goods & Industrial Consumables | BSE: 522215 | NSE: HLEGLAS

08 Aug 2023 Evaluate

HLE Glascoat has signed definitive agreements to acquire a majority stake (in a phased manner) in Kinam Engineering Industries (Kinam) as a part of its strategy to strengthen its position further in the specialized process equipment markets with innovative technology. As a part of the deal, both HLE Glascoat and Kinam have mutually agreed that Kinam will continue to have its distinct brand identity and will continue to grow and expand as a separate business entity post the transaction.

HLE Glascoat has agreed to acquire a 35.56% profit share and ownership interest in Kinam in an all-cash transaction directly from its partners, Kirit Mehta and Mehul Mehta and HLE Glascoat will be admitted as a partner of the Firm in the first phase. The balance 34.44% stake will be acquired by a scheme of arrangement whereby Kinam Enterprises, the holding company of one of the partners in Kinam will amalgamate into HLE Glascoat. Such amalgamation will be pursued in due course and will be separately considered and approved by the HLE Glascoat board, and then submitted to the Stock Exchanges and the Honourable National Company Law Tribunal for approval. The acquisition will result in the accretion to business, key technology and rich experience garnered by Kinam over the last four decades.

Since both HLE Glascoat and Kinam are engaged in a complementary and synergistic line of business and operations, incremental improvements in the operations of the two entities are expected. The acquisition will enhance efficiencies and combine similar business interests for both entities, resulting in operational synergies, streamlining and optimization of the businesses. The acquisition is in line with HLE Glascoat’s strategy to expand its product portfolio and new technologies and reinforces its position as a market leader in manufacturing innovative and specialized process equipment, customized solutions, and systems.

HLE Glascoat is a leading manufacturer of process equipment for the chemical and pharmaceutical industries. Over the last three decades, it has established itself as a market leader in Filtration and Drying Equipment and is a leading manufacturer of Glass Lined Equipment globally.

HLE Glascoat Share Price

331.00 4.60 (1.41%)

17-Apr-2026 16:59 View Price Chart

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HLE Glascoat signs definitive agreements to acquire majority stake in Kinam

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