LMW to acquire 50% in Rieter-LMW Machinery

Lakshmi Machine Works Ltd announced that M/s. Rieter-LMW Machinery Limited, Coimbatore(RLM) is a Joint Venture Company wherein 50% of the paid up share capital are held by the Company and the remaining 50% is held by M/s. Rieter Machine Works Limited, Switzerland(Rieter).

Rieter have offered to sell their holding of 50% shares in the Joint Venture Company RLM to the Company. The Board of Directors of the Company at the Meeting held April 01, 2011 after considering various aspects have decided to accept the offer of Rieter.

The value of shares will be determined as on June 30, 2011. Once the process of disinvestment by Rieter is complete, RLM will become a wholly owned subsidiary of the Company.

LMW, founded in the year 1962, is today a global player and one among the three manufacturers of the entire range of Textile Machinery.

Rieter-LMW Machinery Limited (RLM) is a joint venture between M/s. Lakshmi Machine Works Limited, India and M/s. Rieter Machine Works Limited, Switzerland.

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