Gainwell Group Takes Over TIL Ltd After Rs 120 Cr Investment

Kolkata, Jan 24 (PTI) Gainwell Group announced on Wednesday that it has taken over management control of TIL Ltd (formerly Tractors India) following an investment of Rs 120 crore.

The investment of Rs 120 crore was made by Indocrest Defence Solutions, a Gainwell group company.

Gainwell has formally taken over the management control of the company, the company said in a statement.

TIL's erstwhile management had brought in Gainwell Group as a strategic investor after encountering financial constraints in recent years.

TIL is a listed leading manufacturer specialising in technology-intensive defence products like drones. It had posted a loss of Rs 91 crore in 2022-23.

The new management under Sunil Kumar Chaturvedi has now set a target of generating over Rs 200 crore in revenue by FY25, as per the statement.

"We expect drastic improvement after resolving legacy issues. We aim to cross the Rs 200 crore revenue mark within a full year of operation under our management, targeting FY25.

"Our total investment of Rs 120 crore, includes a Rs 70 crore in preferential issue and a Rs 50 crore unsecured loan from the group," Chaturvedi said.

Gainwell Group, which is the largest shareholder in TIL, has a 43 per cent stake in the company, the statement added.