Thane, India — A private equity firm is buying a controlling stake in Indian plastics processing machinery firm Windsor Machines Ltd.
In a June 18 stock filing with the Securities and Exchange Board of India, Thane-based Windsor said the Indian private equity firm Plutus Investments and Holdings Pvt. Ltd. was acquiring a 53.9 percent stake in the equipment maker from investment group Castle Equipments Pvt. Ltd., for 3.5 billion Indian rupees, or $41.9 million.
The filing also said that Plutus plans to buy another 26 percent share of Windsor on the open market, for an estimated 1.7 billion rupees, or $20.3 million.
Plutus, which is based in Rajkot, Gujarat, is buying 51.8 million shares in Windsor at 100 rupees per share in the two transactions.
Windsor manufactures injection molding machines and pipe and blown film extrusion lines.
A company executive said Windsor could make a more formal announcement in late July, but declined to offer additional details because the purchase is subject to regulatory review.
In its most recent fiscal year, ending March 31, 2023, the company reported sales of 3.53 billion rupees, or about $42.2 million, up 4 percent in rupees from the previous year's figure of 3.39 billion rupees.
It reported after-tax profit of $2.02 million, and added that unit volume dropped to 404 machines from 449 in the previous year.
In its most recent annual report, Windsor said its injection molding machinery business reached its highest sales in the 2022-2023 fiscal year, and said it maintained growth despite market challenges.
The company launched its KL series 1,600-ton press in January 2023, claiming it was the largest injection press produced entirely in India. It followed that with its KL2000 and KL2300 series machines.
In 2013, Windsor bought a majority stake in Italian press maker Italtech SpA to add to its portfolio of two-platen machines. The acquisition gave Windsor closer ties to the automotive industry, since Italtech had previously been part of carmaker Fiat Group.
Windsor also has a collaboration with German extrusion machinery maker Kuhne GmbH to manufacture coextrusion blown film lines.
Windsor employs about 540 people in three locations, in Thane, Maharashtra, and in Vatva and Chhatral in Gujarat state.
The company saw its share price reach a 52-week high of 169 rupees on June 25.