Kilburn Engineering Ltd.'s board has approved the acquisition of Monga Strayfield Pvt., a heating and drying technology company.
The acquisition is expected to be executed by Dec. 31, 2024, and will add to Kilburn's manufacturing capabilities and expand its dryer portfolio. The transaction will involve a combination of cash and non-cash payment considerations aggregating up to Rs 123 crore.
"We are delighted to bring Monga Strayfield into our fold and are excited to leverage their domain knowledge in radio frequency drying and sheet metal fabrication. This acquisition complements Kilburn’s offerings and enables us to serve a broader customer base with enhanced solutions," said Ranjit Lala, managing director of Kilburn Engineering.
Monga Strayfield is an engineering company that manufactures radio frequency dryers and heating solutions. It reported a total revenue of Rs 72.90 crore in fiscal 2024.
Kilburn Engineering is a process design, engineering, and manufacturing company that provides equipment and systems for a variety of process plants, primarily in the chemical and petrochemical sectors. Its portfolio includes the drying and processing of materials like polyvinyl chloride, carbon black, soda ash, and other products.
Shares of Kilburn Engineering closed 10.27% higher at Rs 479.90 apiece, compared to a 0.13% advance in the benchmark BSE Sensex.
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