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| LG Balakrishnan to acquire MM Gears | |
| BS Reporter / Chennai July 03, 2009, 0:29 IST | |
Coimbatore-based LG Balakrishnan & Bros (LGB) Ltd, a motorcycle chains manufacturer, has entered into an agreement with the promoters and directors of Coimbatore-based M M Gears Pvt Ltd for acquisition of 100 per cent shares of the latter, subject to satisfactory due diligence, the company informed the BSE.
MM Gears is engaged in the manufacture of gears and gear boxes.
When contacted LG Balakrishnan officials declined to reveal the acquisition cost and said its board, which is scheduled to meet on July 31, 2009, would decide on that.
MM Gears officials too declined to comment on the acquisition cost. The company registered a turnover of around Rs 12 crore last year and has set a target of Rs 15 crore for the current fiscal.
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