Elgi Equipments subsidiary Elgi Compressors USA Inc. has divested its entire stake in Gentex Air Solutions LLC to its joint venture partner, James Gery Naico. The transaction was completed on September 4, 2026, releasing exclusivity rights in certain counties of Texas.

Transaction overview

The divestiture involves Elgi Compressors USA Inc., the US-based unit of ELGI Equipments , exiting its complete holding in Gentex Air Solutions LLC. The buyer is James Gery Naico, an existing joint venture partner who does not belong to the promoter group or group companies of the listed entity. The transaction is not classified as a related-party transaction.

The move marks a change in Elgi Compressors USA Inc.'s distribution or partnership structure in the Texas market. The exclusivity arrangement with Gentex Air Solutions LLC has been terminated through this stake sale.

Financial impact

The financial impact of the divestiture on the parent company is minimal. For FY25-26, the share of profit from the joint venture was USD 7,735, constituting 0.02% of consolidated profit after tax. As of March 31, 2026, the share of net worth from the joint venture stood at USD 1,38,972, representing 0.06% of equity.

The company disclosed this development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Elgi Equipments has appointed Vikas Thiruvalluru as Senior Management Personnel, effective September 1, 2026. The appointment was approved by the Board of Directors based on the recommendation of the Nomination and Remuneration Committee.

The move formalizes Thiruvalluru’s role within the company’s top leadership structure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was issued to the National Stock Exchange of India Limited and BSE Limited on September 1, 2026.

Appointment Details

Thiruvalluru joins as President and Head - GPMO. His profile highlights a career spanning technology, consulting, and industrial manufacturing sectors.

Professional Background

Thiruvalluru holds an MBA in Finance and Marketing from the Indian School of Business (ISB), Hyderabad, and a B.E (Hons.) in Electrical and Electronics Engineering from BITS Pilani. He joined Elgi Equipments in March 2026 after serving as Chief Operating Officer at Jayem Automotives Private Limited.

At Jayem Automotives, he led new business initiatives, operational strategy, and scale-up programs. Prior to that, he held multiple roles at Rexnord, including Managing Director for Rexnord India and global commercial lead for the high-performance coupling portfolio.

His earlier career includes product development roles at Oracle Financials and Flexcube platforms, followed by strategy and operations projects at Monitor Deloitte across multiple sectors. With over two decades of experience, he has focused on P&L management, global operations, and organizational transformation.