In a significant move, Mr. Sunil Kumar Chaturvedi, the promoter of Gainwell Group, has been appointed as a director of TIL (TIL Limited) and is poised to become the Chairman & Managing Director, subject to shareholders’ approval. The announcement marks a strategic milestone aligning with Gainwell Group’s ambitious goal to achieve a size and stature of $1 billion within the next five years.
Mr. Chaturvedi expressed his enthusiasm for the acquisition, emphasizing the strong strategic fit between Gainwell Group and TIL. He highlighted TIL’s nearly eight-decade history, rich legacy, brand goodwill, manufacturing prowess, and a diverse range of capabilities. The acquisition positions Gainwell Group to enhance its leadership in the heavy equipment manufacturing industry, with TIL bringing deep engineering expertise and manufacturing experience, along with a strong market recognition.
Gainwell Group, through IDSPL (Infiniti Driveline Systems Pvt. Ltd.), has invested ₹120 crore in TIL, including ₹70 crore for subscribing to the preferential issue of shares. In anticipation of shareholders’ approval, a new six-member Board of Directors has been appointed by Gainwell Group, replacing the existing incumbents. The new Board has also approved the replacement of all Key Management Persons (KMPs) of TIL within the next 60 days.
TIL, known for its high-quality cranes, reach stackers, and defense equipment, has been a significant player in India’s infrastructure sector since 1944. The new management, led by Mr. Chaturvedi, is set to revitalize the company with a comprehensive two-year plan. This plan includes the introduction of new-generation products, engineering and technology refresh for existing offerings, operational efficiency improvement, and enhanced capacity utilization for accelerated product deliveries, both for the Indian market and exports.
The acquisition aims to integrate TIL into the Gainwell portfolio, allowing both brands to leverage each other’s strengths and widen their respective product ranges. The collaboration is expected to positively impact India’s dependence on imported capital goods, particularly in strategic sectors like defense and underground soft rock mining. TIL’s commitment aligns with the government’s vision of promoting domestic manufacturing and reducing imports, reinforcing the “Make in India” and “Atmanirbhar Bharat” initiatives.
Mr. Chaturvedi, known for leading the transformation of Gainwell Group across diverse industries, emphasized the continuation of TIL’s world-class product offerings, improved after-sales support, and the introduction of new-generation products with significant digitization. The existing facilities in Kamarhatty (Kolkata) and Changual (Kharagpur), West Bengal, will continue to serve customers, supported by a strengthened sales and support presence in Delhi, Mumbai, Chennai, Pune, and Hyderabad.
Outgoing Chairman & Managing Director of TIL, Mr. Sumit Mazumder, expressed confidence in the strategic investment from Gainwell, ensuring the seamless continuation of TIL’s legacy, growth, and expansion. Despite challenges in recent years, TIL remains the preferred choice of customers, with sustained additions to its order book, particularly in the defense sector.
Under the new leadership, TIL will continue to produce its range of cranes, act as a dealer in India for Manitowoc Crawler Cranes and Grove Mobile Telescoping Cranes, boost the production and distribution of the Hyster Range of products, and focus on enhancing the production of Reach Stackers.
The acquisition has been facilitated by Indcap Advisors, and key partners like Hyster-Yale Group and Manitowoc Company, Inc., have expressed confidence in the turnaround of TIL under Mr. Chaturvedi’s leadership.
The appointment of Mr. Sunil Kumar Chaturvedi as Chairman & Managing Director is subject to shareholders’ approval and marks a significant step towards the growth and transformation of TIL under Gainwell Group’s stewardship.
