The Board of Directors of Kilburn Engineering Limited has approved the terms of a binding term sheet for the proposed acquisition of 100% of the paid-up capital of Monga Strayfield Private Limited . This decision was made during a meeting held on August 21, 2024.
Monga Strayfield Private Limited is an engineering company specializing in the manufacture of radio frequency dryers and heating solutions. For the financial year 2023-24, the company reported a total revenue of INR 72.90 crore and a profit after tax (PAT) of INR 15.41 crore. As of March 31, 2024, the company’s cash and bank balance stood at INR 33.28 crore.
Acquiring Monga Strayfield Private Limited will enhance Kilburn Engineering Limited’s existing capabilities. This acquisition is set to propel Kilburn Engineering into its next growth phase by boosting its manufacturing capabilities and expanding its portfolio of dryers.
The acquisition is likely to be completed before 31st December, 2024