The Board has approved the execution of a binding Term Sheet proposed to be entered into between L. T. Elevator Limited and Ricardo Elevators Private Limited setting out the principal commercial ....
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L.T. Elevator Limited (BSE: 544518) announced that its Board has approved a binding Term Sheet to merge Ricardo Elevators Private Limited into the listed company. Ricardo Elevators' operations, team, and founder Neeraj Hemnani (who will head the new Home Elevator Division) will be integrated into L.T. Elevator. Ricardo is currently generating order inflows of about ₹6 crore per month with a 3-6 month delivery cycle. The merger aims to combine Ricardo's premium D2C home elevator brand and pan-India retail reach with L.T. Elevator's in-house manufacturing platform. A detailed investor presentation and a conference call on January 19 will follow the binding Term Sheet; definitive agreements and customary conditions still remain to be completed.
This is a growth-oriented, revenue-accretive merger that could materially lift L.T. Elevator's near-term revenue run rate and expand its presence in the premium home elevator segment. Shareholders should watch for the swap ratio, final deal valuation, and any open-offer obligations when definitive agreements are filed.