Indef Manufacturing Completes Rs 5.08 Crore Acquisition of 80% Stake in Daedalus Lift & Access Equipments

Indef Manufacturing Limited has completed the acquisition of 80% equity shares in Daedalus Lift & Access Equipments Private Limited for Rs 5.08 crore, making Daedalus a subsidiary. The acquisition involved purchasing 1,600,229 equity shares at Rs 31.73 each, with Rs 30 lakh kept as retention money for one year to cover potential claims. Daedalus operates in Mobile Elevating Work Platforms and Material Handling sector, with a turnover of Rs 6.71 crore and a loss after tax of Rs 1.90 crore in FY 2024-25. The company was established in 2017 and has shown revenue growth from Rs 2.78 crore in FY 2022-23 to Rs 6.71 crore in FY 2024-25. The acquisition aligns with Indef's strategy to strengthen its presence in the material handling and access equipment segment and expand its market reach.

Indef Manufacturing Appoints Vandan Shah as Director, Re-appoints Shekhar Bajaj at Annual General Meeting

Indef Manufacturing Limited shareholders approved two key board appointments at their 3rd Annual General Meeting held on August 12, 2025. Mr. Vandan Sitaram Shah was appointed as a Non-Executive, Non-Independent Director effective May 27, 2025. Shah brings 39 years of manufacturing experience as Owner and Executive Chairman of Sipra Engineers Pvt. Ltd., an aluminium die-casting company serving automotive and industrial sectors globally. He previously served as Independent Director on boards of Hind Rectifiers Ltd. and Hercules Hoists Ltd. Separately, Shri Shekhar Bajaj was re-appointed as Non-Executive, Non-Independent Director upon retirement by rotation. Bajaj serves as Chairman of Bajaj Electricals Limited, Hercules Hoists Limited and Bajaj Holding & Investment Limited, and has been a director of Indef Manufacturing since September 12, 2022. Both directors are liable to retire by rotation and are not related to any other directors on the board.