CCI Approves Thriveni Earthmovers' Stake Purchase In Lloyds Engineering, Three-Entity Merger

The Competition Commission of India has approved a proposed combination involving acquisition of a 7.14% stake in Lloyds Engineering Works Limited (LEWL) by Thriveni Earthmovers Private Limited (TEMPL) and merger of three entities into LEWL.

The proposed transaction includes acquisition of 7.14% shareholding in LEWL by TEMPL through a block deal executed on the Bombay Stock Exchange.

The combination also envisages merger by absorption of Lloyds Infrastructure & Construction Limited (LICL), Metalfab Hightech Private Limited (MHPL) and Techno Industries Private Limited (TIPL) into LEWL, which will be the surviving entity pursuant to the merger.

TEMPL is engaged in contract mining services including exploration, drilling, mining, excavation, hauling, processing and transportation of minerals. The company is also involved in coal trading, manufacture of solid blocks and investment activities.

LEWL is engaged in design and manufacture of heavy equipment and machinery such as pressure vessels, heat exchangers and boilers for sectors including hydrocarbon, naval, defence, steel, power and marine, apart from construction contracting activities.

LICL is engaged in infrastructure and industrial construction activities, while MHPL manufactures lightweight engineering and steel structures. TIPL is engaged in manufacturing elevators, escalators, motors and pumps.

The Commission stated that a detailed order will follow.