Lloyds Metals and Energy Limited (LMEL), an Indian iron ore miner and direct reduced iron (DRI) manufacturer, has acquired a 79.82% stake in Thriveni Earthmovers and Infra Pvt. Ltd. (TEIL) for Rs 70 crore. This acquisition, approved by LMEL's board in December 2024 and the Competition Commission of India in May, makes TEIL a subsidiary.

TEIL, a mining contractor for minerals such as iron ore and coal, offers LMEL several strategic advantages. The acquisition is expected to significantly reduce LMEL's iron ore mining costs, improving overall cost efficiency. It will also substantially raise LMEL's consolidated financials by adding significant revenue streams.

TEIL's existing operations will allow LMEL to pursue new mining opportunities in India and abroad. Its contract-based business model provides LMEL with a stable and predictable outlook for future operations.