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EY has successfully advised Kinam Engineering Industries Limited on the signing of a definitive agreement for the sale of their majority stake to HLE Glascoat Limited.
EY acted as the exclusive M&A advisor to Kinam for this transaction.
Founded in 1981 and headquartered in Mumbai, Kinam Engineering Industries is one of the most reputed manufacturers of multiple types of Heat Exchangers in the country and has supplied over 14,000 pieces of equipment over the years. Kinam will retain its brand identity and will continue to grow as a separate entity post-transaction.
HLE Glascoat Limited is a leading manufacturer of process equipment for the chemical and pharmaceutical industries. Over the last three decades, it has established itself as a market leader in Filtration and Drying Equipment and is a leading manufacturer of glass-lined equipment globally.
This transaction demonstrates the bullishness in the Indian manufacturing story, wherein large domestic strategics are going aggressive on acquisitions of synergistic assets ahead of their global peers.