Pitti Engineering (PEL) has signed an agreement with Dakshin Foundry (DFPL)  to acquire 100 percent of the equity share capital of DFPL for Rs 153.12 crore. The acquisition is synergistic with the business of the entity and its subsidiary companies. 

DFPL would add to its production capacity and operational strength, as it has two manufacturing facilities located in Hosakote, Bangalore. DFPL has an installed capacity of 4,200 tpa. The move is also in line with PEL's inorganic growth strategy. The company proposes to complete the acquisition within 15 days of signing the agreement.

DFPL is engaged in the manufacture of high-quality casting in ductile iron, grey iron, low carbon, and alloy steel grades. Pitti Engineering specialises in the manufacturing of a wide range of products such as electrical steel laminations, motor cores, sub-assemblies, die rotors and press tools. The range of products under its rotating electrical equipment and machined component verticals will serve renewable energy, power generation, and data centres sectors.