The Board of Kilburn Engineering has approved the terms of a binding term sheet, to be executed with the promoters and shareholders of Monga Strayfield (Target) for proposed acquisition of 100% paid up capital of the Target, at its meeting held on 21 August 2024. The cost of acquisition is Rs 123 crore.
Monga Strayfield is an engineering company and is a leading player in the business of manufacturing radio frequency dryers and heating solution.
The acquisition is expected to be completed before 31 December 2024.
The acquisition will add to existing capabilities of the company and help achieve its next phase of growth with the help of enhanced manufacturing capabilities and expand its dryers portfolio.