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...