Tembo Global Industries Limited has announced the acquisition of 2,90,62,305 Equity Shares, representing 75.09% of Tembo Classic Engineering Private Limited (formerly Tembo Defense Products Private Limited). The acquisition, made through cash consideration, amounts to ₹60.57 crore. Tembo Classic Engineering Private Limited is engaged in the manufacturing, repairing, refitting, testing, and dealing in armaments, including defence products and equipment. The acquisition is aimed at exploring new business opportunities within the defence sector. The company disclosed that the acquisition falls within related party transactions, with promoter/promoter group/group companies having an interest, and it is conducted at arm's length. The date of incorporation for Tembo Classic Engineering Private Limited is February 13, 2024. No governmental or regulatory approvals are required, and an indicative time period for completion is not applicable as the acquisition has been completed.
