Triveni Turbine arm to acquire 70% stake in S African firm TSE Engineering

Triveni Turbine on Wednesday said that its arm Mis Triveni Turbines DMCC has inked an agreement to acquire 70 per cent equity of TSE Engineering in South Africa for 11.9 million South African rand (around Rs. 6.17 crore).

"Our wholly-owned subsidiary Mis Triveni Turbines DMCC has signed an agreement for acquisition of 70 per cent equity shares of TSE Engineering Pty. Ltd. (TSE)," Triveni Turbine said in a BSE filing.

TSE, registered under the South African law, has been engaged in high-precision engineering repairs and servicing of machinery in sugar and other industrial plants in the South African Development Community region.

With the acquisition of these shares, TSE will become a step down subsidiary of Triveni Turbine Ltd. The acquisition will be for cash consideration of 11.9 million South African rand, and is expected to be completed by March 31, 2022, the exchange filing said.