The Board has approved the execution of a binding Term Sheet proposed to be entered into between L. T. Elevator Limited and Ricardo Elevator Private Limited setting out the principal commercial ....
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L.T. Elevator Limited's Board has approved a binding Term Sheet to merge Ricardo Elevators Private Limited into the company. Ricardo's operations, team, and retail network will be integrated into L.T. Elevator, with Ricardo's Founder & CEO Mr. Neeraj Hemnani continuing to lead the new Home Elevator Division. Ricardo is currently generating order inflows of ₹6 crore per month with a 3-6 month delivery cycle, which is expected to materially boost L.T. Elevator's revenue run rate. The transaction also brings in-house manufacturing benefits by integrating Ricardo's currently outsourced production into L.T. Elevator's engineering-led platform, aiming for better cost control and operating leverage. A detailed investor presentation and a conference call on January 19, 2025 are planned. Definitive agreements and customary conditions are still pending before the merger is completed.
This is a growth-accretive acquisition that expands L.T. Elevator's presence in the premium direct-to-consumer home elevator segment and adds meaningful recurring order inflows. Shareholders should view this as a positive near-term revenue catalyst, though final terms (including any share swap or consideration details) are still to be disclosed.