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Business EconomyPosted at: Mar 11 2024 8:43PM


Pitti Engineering to acquire Bagadia Chaitra Industries for Rs 124.92 cr

Hyderabad, Mar 11 (UNI) Pitti Engineering Limited (“PEL”) on Monday said it has signed an agreement with Bagadia Chaitra Industries Private Limited (“BCIPL”) and its shareholders to acquire 100% of the equity share capital of BCIPL at an Enterprise Valuation of ₹ 124.92 crores.
This acquisition would help PEL broaden its presence in South India, will add to the overall asset base and production capacity, provide entry into new end use sectors and add new customers.
The cost of acquisition would be arrived at, by adjusting the said Enterprise Value for the Net Debt and Working Capital changes on the Closing Date and subject to other adjustments that are mutually agreed between the Parties, the Hyderabad based company said in a release here.
As part of the overall consideration, PEL will infuse upto ₹ 40 crores as funding into BCIPL, on Closing Date, to repay the existing debt in BCIPL.
Closing of the proposed acquisition is subject to fulfilment of condition precedents as agreed between the Parties.
BCIPL is a manufacturer of electrical laminations and aluminum die cast rotors for AC/DC motors, Alternators, Pumps, Home Appliances, Electrical Vehicle, industries with major geographical exposure to the south Indian market.
BCIPL operates out of Tumkur district, Karnataka where it has its manufacturing facilities. BCIPL has an installed capacity of 18,000 Tonnes Per Annum.
Mr. Akshay S Pitti, Vice-Chairman and Managing Director of Pitti Engineering Limited said, “The acquisition of BCIPL is an important step in this direction as it is strategically relevant, provides enhanced operational strength and adds customer base.”
UNI KNR CS2043
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Tags: #Pitti Engineering to acquire Bagadia Chaitra Industries for Rs 124.92 cr
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