Lippi Systems is a company in the middle of a deliberate, self-imposed vanishing act. Founded in 1993 by Nandlal J. Agrawal to make precision-engraved printing cylinders for the packaging industry, it systematically sold off every piece of that legacy manufacturing business-machines, inventory, land, and even the solar panels on the roof-to become a cash shell actively seeking a new identity. The recurring approach is liquidation with intent: each asset sale is explicitly framed as a way to raise funds for a future diversification that has not yet been defined, a pattern that culminated in a 2026 deal handing control to a mining family who will decide what the company becomes next. # Business segments Two small engines running on the remnants of a dismantled industrial past-a pair of wind turbines generating modest power and an unspecified trading desk-while the company waits for its new owners to give it a future. ## 1. Wind power: the last physical asset still spinning **Two wind turbines in Gujarat generate and sell electricity, but they are already approved for sale and exist only as a placeholder until a buyer is found.** - **A tiny renewable fleet** - the company operates two wind turbine machines, each with a capacity of 0.750 MW, located at separate sites in Jamnagar, Gujarat. - **The dominant revenue source, but only by default** - in the year ended March 2025, these turbines generated revenue of Rs. 37.66 lakhs, which represented roughly 70% of the company’s total revenue because the manufacturing business is gone. ## 2. Trading: a placeholder activity with no disclosed shape **The company reports a trading business, but its filings reveal nothing about what is traded, at what scale, or for whom.** - **A line in the segment note** - the annual reports list manufacturing and wind power as segments, while the FY23 MD&A mentions “trading business of goods” without providing further detail on products, customers, or volumes. - **No operational footprint described** - unlike the other segments, there is no disclosure of inventory, sourcing, or market focus, making it impossible to assess what this activity actually entails. # Group structure and partners **A standalone shell with no subsidiaries is being handed to a mining family through a two-part deal that will make them the new promoters.** - **No corporate family tree** - the company has no subsidiaries, joint ventures, or associates, and operates as a single listed entity on the BSE with an authorised share capital of Rs. 10 crore divided into 1 crore equity shares. - **A change of control is underway** - in May 2026, Lippi Systems Limited launched a mandatory open offer to public shareholders after agreeing to buy a 26.43% stake from the founding Agrawal family and to subscribe to 65 lakh warrants that, if fully exercised, would take their holding to over 48%. - **The founders are exiting completely** - once the deal closes, the acquirers will gain control and become the new promoters, while the selling promoter group members will be reclassified as public shareholders, though the company intends to retain its stock-exchange listing.