- Gainwell Group secures majority stake in TIL Ltd
- Sunil Kumar Chaturvedi to be Chairman and MD pending approval
- ₹120 crore investment by IDSPL, restructuring of the board
- Two-year revitalization plan for TIL’s growth and efficiency
- Integration aims to reduce India’s dependence on imports
- TIL’s order book exceeds ₹300 crore, with focus on defence sector
- Continued manufacturing of cranes, emphasis on Reach Stacker production
- Optimism from industry leaders: Hyster-Yale Group and Manitowoc Company, Inc
- Indcap Advisors played a crucial role in facilitating the transformative transaction
TIL Ltd Introduction:
Gainwell Group, a prominent make-in-India conglomerate, has acquired a majority share in TIL Ltd, a well-known infra-equipment maker, in a strategic move aimed at generating a $1 billion group turnover within the next five years.
Investment and Leadership Restructuring:
Indocrest Defence Solutions Pvt Ltd (IDSPL), a group entity, invested ₹120 crore in TIL, with ₹70 crore for preferential share subscription. Sunil Kumar Chaturvedi, pending shareholder approval, is set to become Chairman and Managing Director (CMD), spearheading a rejuvenation strategy that involves reorganising the Board of Directors and establishing a six-person board.
Revitalisation Plan:
TIL’s two-year rejuvenation plan focuses on launching new-generation goods, renewing existing offers, and improving operational efficiency to accelerate product delivery. The company’s experience in aftermarket support is likely to alter customer service in the next three to four quarters.
Integration for Synergy:
TIL’s integration into Gainwell Group aims to capitalise on both companies’ capabilities, thereby extending their respective product ranges. This collaboration is intended to lessen India’s reliance on imported capital goods, particularly in vital areas such as military and deep soft rock mining, in line with the government’s goal of encouraging indigenous production.
Commitment to Self-Sufficiency:
Sunil Kumar Chaturvedi, with his extensive experience, promises to safeguard TIL’s tradition, growth, and expansion. Despite recent setbacks, TIL remains a favoured choice for customers, shown by ongoing additions to its order book, which exceeded ₹300 crore in September 2023, primarily from the defence sector.
Product Focus and Market Dominance:
TIL will continue to manufacture its cranes, which include rough terrain cranes, truck cranes, and pick-and-carry cranes, under new leadership. In addition, it will continue to serve as a dealer in India for Manitowoc Crawler Cranes and Grove Mobile Telescoping Cranes in collaboration with Manitowoc Company Inc. In order to reclaim market supremacy, the corporation will prioritise increasing Reach Stacker output.
Optimism among industry leaders:
Hyster-Yale Group and The Manitowoc Company, Inc are optimistic about TIL’s rebirth under Sunil Chaturvedi’s leadership and expect new heights. Indcap Advisors’ key role in enabling this transformative acquisition emphasises the deal’s strategic importance.
Conclusion:
Gainwell Group’s acquisition of a majority position in TIL Ltd not only represents a big step towards achieving a $1 billion turnover, but it also demonstrates a commitment to strengthening India’s self-sufficiency in important sectors. With a strategic revitalization plan in place and an experienced executive at the helm, TIL is well-positioned for growth, innovation, and market supremacy.