Uravi T and Wedge Lamps Ltd on Wednesday said it has agreed to acquire up to 55% in power systems and defence equipment maker SKL (India) Pvt Ltd for around Rs 20 crore.

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The leading LED lamp maker for automotive and household applications, in a statement, said that it will acquire up to 55% stake of SKL India in more than one tranche from the existing promoters for a total consideration of Rs 20.1 crore.

The company has signed an agreement with SKL India promoters to acquire a 43.91% in the first tranche, another 6.1 per cent in the second tranche and the balance stake in subsequent tranches, the statement said.

The deal is expected to be completed within 24 months from the completion of the first tranche, it said.

“The company is venturing into the defence sector. SKL India is an established player in its industry which is available for acquisition at a reasonable valuation,” Uravi T and Wedge Lamps said in the statement.

SKL India is engaged in the design and manufacturing of power systems, associated equipment and special-purpose defence equipment.

The company reported revenue of Rs 20.2 crore for the 2023-24 fiscal.

The company uses the latest tools and 3D software to design solutions to meet the requirements of their customers. It mostly caters to domestic customers.

Uravi is a manufacturer and supplier of incandescent and wedge-based automotive lamps reported a 23 per cent growth in total income to Rs 42.68 crore for the 2023-24 financial year.