Acquisition Details and Financial Consideration

  • Total acquisition consideration: Approximately ₹1,073 crores
  • Equity valuation implied for SISCOL: Approximately ₹1,220 crores
  • Funding structure: Combination of cash and equity
  • Lloyds Engineering contribution: Over 50% of the overall consideration
  • Lloyds acquires majority economic interest in SISCOL

SISCOL Financial Performance (FY26)

  • Revenue: Approximately ₹817 crore
  • EBITDA: Approximately ₹92 crore
  • Profit After Tax: Approximately ₹44 crore
  • Order Book: Approximately ₹1,134 crore

Strategic Rationale and Synergies

The acquisition combines LEWL's engineering, manufacturing and EPC execution strengths with SISCOL's structural steel design, fabrication and erection expertise. SISCOL will continue to operate under its existing legal entity, brand identity and leadership team, with Ravi Uppal continuing as Chairman and Managing Director.

Key synergies include:

  • Integration of procurement, project management, and engineering resources
  • Operational efficiency gains and improved operating margins over time
  • Expanded project qualification capabilities for larger infrastructure projects
  • Enhanced engineering capabilities with 4 Centres of Excellence across Bengaluru, Chennai, Hyderabad and Bhilai

Combined Capabilities and Capacity

  • Structural fabrication capacity: Approximately 150,000 MTPA
  • Roadmap to expand to: Approximately 200,000 MTPA
  • Manufacturing facilities: 10+ facilities
  • Engineering and design centres: 6 centres
  • Project portfolio: 187 structural steel projects across 22 states since 2018

Growth Targets and Historical Performance

LEWL has grown from approximately ₹80 crore revenue in FY19 to ~₹3,000+ crore revenue currently, with an order book of over ~₹8,000 crore. The combined platform targets exceeding ₹10,000 crore of annual revenue by FY29/FY30.

Project Experience

SISCOL's portfolio includes landmark projects such as Delhi Airport Terminal 1, Noida International Airport, Dwarka Convention Centre, International Hockey Stadium Rourkela, International Tech Park Bengaluru, and projects with L&T, Shapoorji Pallonji, Tata Projects, Adani Group companies, KEC International, Jindal Stainless and DP World.

Company Background

Lloyds Engineering Works Limited, incorporated in 1994, provides complete customized process plant equipment and engineering infrastructure solutions. The company has manufacturing facilities in Murbad, Thane, Nagpur & Bhilai, headquartered in Mumbai.

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