Kirloskar Oil Engines Limited, manufacturers of diesel engines, gensets and agricultural pumpsets, have entered into an agreement to acquire a majority stake of 76% in La-Gajjar Machineries Pvt. Ltd., the maker of Varuna and Raindrop brands of electric pumps, as reported by Livemint.

PDS Legal partner Vihang Virkar, executive director Monika Deshmukh, principal associate Dheeraj Khanna and associate Sakshi Kalra acted for La-Gajjar.

DSK Legal partner Ajay Shaw, manager Gaurav Mistry and associate Viraj Gami advised and acted for Kirloskar.

Kirsolkar will acquire the stake at a valuation of 7.89 times Ebitda, The balance is said to be acquired over the next 5 years.