Kirloskar Pneumatic Company Ltd. (KPCL), a key player in the air, refrigeration, and gas compressor industry, has entered into a memorandum of understanding (MoU) to acquire a majority stake (above 51 per cent) in Systems & Components India Private Ltd. (S&C).

S&C has been in the industrial refrigeration business for over 30 years, with more than 700 installations across India in the dairy, pharmaceutical, chemical and fertiliser industries. Their manufacturing plant is located at Village Patgaon, near Murbad, Maharashtra.

V. Sundararajan, the current promoter and technocrat, will remain invested in the company and assist in scaling up the business. The acquisition of this stake will empower KPCL to scale up its business and expand into adjacent segments related to its current operations.

The transaction is expected to be consummated within the next three months, subject to due diligence and closing adjustments.