In a strategic move to bolster its capabilities, Kilburn Engineering Limited has announced the acquisition of Monga Strayfield Private Limited, a Pune-based engineering company specializing in the manufacturing of radio frequency dryers and heating solutions. The acquisition, valued at INR 123 crore, will include a mix of cash and non-cash consideration. The deal is expected to be completed by December 31, 2024.
Details of the Acquisition
Kilburn Engineering will acquire 100% shareholding in Monga Strayfield, marking a significant milestone in its growth strategy. The acquisition does not qualify as a related-party transaction, and there is no promoter group involvement in the target company.
Strategic Rationale
The acquisition is set to enhance Kilburn Engineering’s manufacturing capabilities and expand its dryers portfolio. Monga Strayfield’s expertise in radio frequency technology will complement Kilburn’s existing offerings, paving the way for the next phase of growth.
Financial Highlights of Monga Strayfield Private Limited
Monga Strayfield’s reported financial performance in recent years:
- FY 2023-24 Revenue: INR 72.90 crore
- Profit After Tax (PAT): INR 15.41 crore
- Cash and Bank Balance as of March 31, 2024: INR 33.28 crore
In the previous financial years, the company achieved revenues of INR 58.21 crore (FY 2022-23) and INR 52.52 crore (FY 2021-22), showcasing consistent growth.
Background of Monga Strayfield Private Limited
Founded in 1968, Monga Strayfield has emerged as a leading player in the engineering sector. The company operates internationally, with a subsidiary in the United Kingdom, established in 2006. Additionally, it has a joint venture with a Canadian firm, though the partnership is yet to commence operations.
About the Acquisition Process
The deal has received all necessary regulatory and governmental approvals. Kilburn Engineering confirmed that the acquisition is aligned with its core business objectives and is expected to accelerate growth by leveraging Monga Strayfield’s advanced technologies.
About Kilburn Engineering Limited
Kilburn Engineering, an ISO 9001:2000-certified company, specializes in manufacturing process equipment and solutions for industries like chemical, food, and power. With its headquarters in Kolkata, the company views this acquisition as a vital step in scaling its business and reinforcing its market position.