Innoventive Industries to buy 51 pc stake in ITPL for Rs 23 crore

NEW DELHI: Pune-based Innoventive Industries Ltd (IIL) today said it has inked a pact to acquire majority stake in Innovative Technomics Pvt Ltd (ITPL) for Rs 23 crore.

IIL has inked an agreement to acquire 51 per cent stake in ITPL, that makes high voltage soft starters and testing equipments catering to the domestic and international markets, the company said in a statement.

"...We see immense potential in this acquisition due to the synergistic nature of ITPL's business and its contribution in diversifying its product offerings in the niche engineering space," Innoventive Industries Group CEO Jitendra Palande said.

IIL, which manufactures various products, including precision steel tubes and membrane panel strips, has valued ITPL's business at Rs 23 crore, it added.

ITPL's range of niche engineering products comprises high voltage soft starters, high speed testing equipment and linear motor systems used in industries such as water, oil & gas, steel, cement and textile.

Shares of Innoventive Industries today closed at Rs 117 apiece on the BSE, down 0.38 per cent from its previous close.