Kolkata (West Bengal) [India], November 27 (ANI): Heavy equipment manufacturer TIL on Sunday announced that it decided to bring in a strategic investor -- Indocrest Defence Solutions, which is a part of Gainwell Group -- to increase the authorised capital into its business.

According to the statement shared with stock exchanges by TIL, the quantum of funds to be invested by Gainwell Group wasn't mentioned.

Sumit Mazumder, Chairman and Managing Director (CMD), TIL, said, "This decision mainly comes from the fact that there is no successor to continue the business operations after me. Also after facing challenging times in the last couple of years, bringing in a strategic investor became imperative in order to continue the business operations. There were multiple options of investors but we chose Gainwell, of which Indocrest is a part."Back in 2016, the CMD said, "Gainwell's experience and expertise in selling and servicing infra equipment augurs very well with TIL and naturally has the right strategic synergy with the current product line of TIL as well as having the best sectoral and customer fit," and added, "We are happy to transfer, subject to requisite approvals, the full management control in TIL to Indocrest Defence Solutions and the Gainwell Group."According to TIL website, the firm is one of the leading providers of a wide range of infrastructure equipment representing some of the finest in global technology. The company is engaged in the design, manufacture and marketing of a comprehensive range of material handling, port equipment for the Indian market, supported by integrated after-sales support.

Mazumder further added - "In spite of the cash flow challenges, production bottlenecks and delivery delays, TIL continues to remain the preferred choice of customers of cranes, reach stackers and defence equipment. The market share for our Rough Terrain cranes continues to be in the lead. TIL's pending order book as on March 31, 2022, stood at Rs 332.5 crore with large order in the pipeline. And 65 per cent of orders pertains to defence sector."Indocrest Defence Solutions is majorly in manufacturing (machinery and equipment) business and currently, company operations are active. (ANI)