Gainwell Group is planning to invest ₹1,000 crore over the next few years in Group companies after acquiring controlling stake in Kolkata-based listed entity TIL (formerly Tractors India Ltd.) last week via its unit Indocrest Defence Solutions Pvt. Ltd., Group Chairman Sunil Chaturvedi said in a statement.
With TIL, Gainwell Group has first listed entity within the group. To fund capex, the Gainwell Group is planning at least two IPOs of group companies soon. One of them would be Gainwell Engineering, which has operations in the U.S, he said.
This company manufactures underground mining machines with technology from Caterpillar. Through this unit, the Group caters customers in the U.S., Australia Singapore, China and other countries.
Gainwell Group started off as Tractors India Private Limited (TIPL), which was a 100% subsidiary of TIL (Tractors India Ltd.) with Mr. Chaturvedi as managing director.
TIPL acquired Caterpillar unit in 2016 from Caterpillar and took over the business as well as the technology.
