Gainwell Group acquires TIL Limited

 

Gainwell Group, through its group entity- Indocrest Defence Solutions Private Limited (IDSPL), on Wednesday acquired a dominant stake in infra equipment manufacturer TIL (formerly Tractors India) Limited.

Gainwell Group, a Make-in-India conglomerate with presence in the mining, construction, energy, defence, railways, and heavy construction equipment sectors, is expected to accelerate TIL’s growth further and bolster its already robust order book for cranes, reach stackers, material handling and defence equipment.

Gainwell Group promoter Sunil Kumar Chaturvedi, appointed as a director of TIL today is slated to be appointed, subject to Shareholders’ approval, the Chairman & Managing Director of TIL.

A new six-member Board of Directors replacing the existing incumbents has been put in place by Gainwell Group in anticipation of shareholders’ approval.

TIL’s new Board has also approved in their maiden meeting replacement of all its Key Management Persons (KMPs) within next 60 days’ time. A formidable source of high-quality cranes, reach stackers and defence equipment, TIL brand has been a part of India’s infrastructure sector growth since 1944.

The new management of TIL is determined to revitalise the company with a comprehensive 2- year plan that includes introducing a wide array of new generational products as well as engineering and technology refresh of all its existing offerings. In the shorter term, TIL shall focus on quickly ramping up operational efficiency and vastly enhancing its capacity utilization for accelerated product deliveries for Indian customers as well as for exports.

By integrating TIL into the Gainwell portfolio of solutions, both brands will leverage each other’s strengths and will be able to widen their respective range of products.

The coming together of the two industry leaders will have a deep positive impact on India’s dependence on imported capital goods including in strategic sectors like defence and underground soft rock mining. TIL aims to strengthen India’s self-sufficiency and hold the “Make in India” and “Atmanirbhar Bharat” banners high in line with the government’s vision of promoting domestic manufacturing and reducing imports. This will enable increased value for the customers within and outside India, ensure continued growth and improved margins for TIL shareholders.

Chaturvedi brings with him a wealth of experience in leading transformation of Gainwell from a small Caterpillar dealership to a thriving enterprise spanning across infrastructure, mining, energy, railways, defence, material handling, and heavy equipment manufacturing industries with Backhoe loader in india , Nepal, Bhutan, Singapore, USA and Australia.

Chaturvedi added, “We will continue to deliver TIL’s well-known world-class products and vastly improved after- sales support from the current facilities at Kamarhatty (Kolkata) and Changual (Kharagpur), West Bengal and strengthened sales and support presence in Delhi, Mumbai, Chennai, Pune and Hyderabad. We will bring in new generation products with significant level of digitization across the board as well as a new range of customer support options to further deepen our competitive edge,”

Sharing his views on the acquisition, TIL’s outgoing Chairman & Managing Director, Sumit Mazumder said, “This strategic measure will ensure seamless continuation of TIL’s legacy, growth and expansion benefitting our employees and all stakeholders. TIL under Gainwell’s management will be strongly positioned to continue building on top of its eight decades of legacy, ensuring revival in the business performance and expansion that will benefit all stakeholders. The strategic investment from Gainwell will also make sure that TIL remains a trusted and a preferred partner in the domestic and global infrastructure landscape”. Aaron H. Ravenscroft, President and CEO of the Manitowoc Company, Inc. said, “We see TIL’s transition as a turning point in its history with Manitowoc over the last 60 years and look forward to Mr. Sunil Chaturvedi and his team taking the company to new heights. We will continue selling Manitowoc Crawler Cranes along with Grove Mobile Telescoping Cranes from the Manitowoc Crane Group through TIL and see great potential in the company moving forward.” https://www.gainwellindia.com/