New Delhi, June 18 -- Lloyds Engineering Works Ltd, a Mumbai-listed engineering and construction company that's part of the Lloyds Enterprises group, has agreed to acquire a controlling stake in Steel Infra Solutions Company Ltd (SISCOL), a structural steel infrastructure solutions provider, at an equity valuation of around Rs 1,220 crore ($129 million).
The company said in a statement its board has approved the acquisition of an 88.12% stake in SISCOL for Rs 1,073.4 crore, to be paid through a combination of a share swap and cash. As part of the arrangement, Lloyds Engineering will issue roughly 7.06 crore new shares to SISCOL's shareholders.
Among SISCOL's existing shareholders is veteran investor Madhu Kela, who had backed the company in its earlier years through his investment vehicle, MK Ventures. As part of the share swap, Kela is set to receive close to 73 lakh shares of Lloyds Engineering, making him a shareholder in the listed entity once the deal closes.
The transaction is subject to shareholder approval at an extraordinary general meeting scheduled for July 15. Prime Securities Ltd acted as the exclusive investment banker on the deal.
SISCOL, incorporated in 2017, designs, engineers, fabricates, supplies and erects structural steel solutions, and has built a name for itself in technically demanding structural engineering work. The company has executed 187 structural steel projects across 22 states, including Delhi Airport's Terminal 1, the Noida International Airport at Jewar, the Dwarka Convention Centre in Delhi, the international hockey stadium in Rourkela, and the International Tech Park in Bengaluru. It operates six fabrication facilities and four in-house engineering and design centres across the country, with a structural steel fabrication capacity of about 100,000 metric tonnes per annum.
For the financial year ended March 2026, SISCOL reported operating revenue of around Rs 817 crore, EBITDA of about Rs 92 crore and net profit of roughly Rs 44 crore, with an order book of about Rs 1,134 crore.
Lloyds Engineering has built a diversified business spanning precision heavy structural fabrication, industrial equipment, defence, electrical engineering and EPC. The company's consolidated revenue has grown from about Rs 98 crore in FY19 to over Rs 3,000 crore currently, with an order book of more than Rs 8,000 crore and a market capitalisation of roughly Rs 12,800 crore.
The deal comes at a time when Lloyds Engineering has been consolidating its group structure. The company is in the process of absorbing three related entities-Lloyds Infrastructure and Construction Ltd, Metalfab Hightech Pvt Ltd and Techno Industries Pvt Ltd-into a single listed entity. The scheme has already cleared the Competition Commission of India and received the go-ahead from stock exchanges, and now awaits approval from the National Company Law Tribunal.
Lloyds Engineering had earlier picked up a majority stake in Techno Industries to enter the electrical engineering segment and later took it fully private. It separately acquired Metalfab Hightech to build out its fabrication capabilities. The SISCOL acquisition extends this run of consolidation, bringing a large structural steel platform into the group.
Following the transaction, Lloyds Engineering plans to help SISCOL nearly double its fabrication capacity to about 150,000-200,000 metric tonnes per annum, a move the companies said would make it the largest structural steel fabrication company in India and strengthen the combined platform's ability to bid for large, technically complex infrastructure projects. The deal is expected to create synergies across procurement, project management, engineering, manufacturing planning and corporate functions.
SISCOL will continue to operate under its existing brand and leadership, with Ravi Uppal staying on as chairman and managing director, supported by the current senior management team.
Shreekrishna Gupta, executive director at Lloyds Engineering, said the acquisition was about building a platform for the future rather than simply adding capacity, combining SISCOL's engineering talent, structural design expertise and execution track record with Lloyds Engineering's EPC strengths and manufacturing capabilities.
Published by HT Digital Content Services with permission from VC Circle.