 "corporate, company, firms, board, governnance, tax, investors, investments, M&As, acquisitions")
Kilburn Engineering announced on Wednesday the completion of its acquisition of M E Energy Private Limited, which specialises in waste heat recovery and waste heat reutilisation systems.
The acquisition, effective February 20, 2024, was made for an aggregate consideration of Rs 98.70 crore.
In a statement, Kilburn said that the acquisition marks a significant milestone in its growth journey.
"This acquisition is a decisive step for Kilburn Engineering to emerge as a comprehensive solution provider in the field of thermal engineering and heat recovery systems. By integrating M E Energy's expertise, Kilburn enhances its product offering for its existing diverse client base while gaining access to new industries and clients," it said.
Commenting on the development, Amritanshu Khaitan, director of Kilburn Engineering, said, "The integration of M E Energy's expertise perfectly aligns with our mission to drive innovation and expand our service offerings. We are confident that this collaboration will not only enhance our competitive edge but also deliver sustainable value to our shareholders."
"This union will augment the organisational prowess, as M E Energy specialises in the production of thermal engineering and heat recovery systems, a perfect complement to Kilburn Engineering's existing drying systems. This synergy will open doors to expanded sales opportunities by tapping into the existing client bases of both entities," said Ranjit Lala, managing director of Kilburn Engineering.
The company said that M E Energy started the year with an order backlog of Rs 50 crore and closed the nine months ended December 31, 2023, with an order backlog of Rs 119 crore.
