Bureaucrats rarely step into the complex world of business. They are trained to oversee intricate processes without becoming involved in the day-to-day affairs. Yet when a senior Central government bureaucratic couple decided that they loved their bright yellow mining equipment, they became leaders in their field.
Meet Sunil Chaturvedi and his wife Meena Chaturvedi – a remarkable pair whose combination of vision, passion and tenacity sets them apart. Both gave up comfortable government positions after 20 years of service. In the years that followed, they gained invaluable experience and honed their administrative skills working in large corporates.
In 2013, an interesting opportunity arose when Caterpillar approached Sunil to join Tractors India Private Limited (TIPL), a TIL subsidiary, as managing director, with the understanding that if he could turn the company profitable within a set timeframe, his efforts would be rewarded. He accepted the offer, as it aligned with his entrepreneurial ambitions.
Caterpillar had already observed Sunil’s professional abilities and leadership qualities during his time in government and at Bharat Forge. He worked tirelessly, focusing on technology, market penetration and comprehensive equipment offerings. The government’s emphasis on infrastructure development ahead of the general elections further boosted growth. “Targets that were expected to take four years were achieved in just two. Business began to grow rapidly,” says Sunil.
Caterpillar later helped him arrange soft financing for a management buyout in 2016, through which Gainwell acquired the Caterpillar dealership for construction, earthmoving and mining equipment, generator sets, and related services across Eastern and Northern India and Bhutan. This was the couple’s true entrepreneurial beginning. By then, Sunil had also built a formidable network of industry contacts in India and abroad. The company was later renamed Gainwell Commosales Pvt Ltd (GCPL).
Gainwell leveraged its early-mover advantage to secure a strong position in the infrastructure and mining segment. Within a short span, the company diversified its portfolio through a mix of organic and inorganic growth, evolving into a leading engineering solutions organisation with core focus areas in construction, mining, defence, material handling and technology. The group competes with global and Indian manufacturers such as Komatsu, JCB, Tata Hitachi, Propel, Sany, ACE, Kalmar, and Escorts.
Today, the closely held Gainwell Group operates across four business verticals – Distribution (Caterpillar and Daimler), Manufacturing, Mining Operations, and, more recently, tailored IT and Digital Solutions. Over the past five years, the group has nearly doubled its revenue to R5,000 crore as of FY25 and employs almost 4,000 people in eight countries across four continents.
“The driver of our success has been earning our customers’ confidence by offering sustainable solutions, efficiency and remaining current with technology,” explains Sunil.
A strategic acquisition
Looking at the prevailing trends and future growth potential in infrastructure, Gainwell surprised the industry last year by acquiring the ailing TIL (formerly Tractors India Limited), thereby strengthening its equipment-manufacturing capability.
The acquisition was executed through a Gainwell Group entity, Indocrest Defence Solutions Pvt Ltd, which infused Rs120 crore into TIL, including Rs70 crore through a preferential issue of shares. The move created a strong strategic synergy, drawing on Gainwell’s deep expertise in infrastructure equipment.
The 80-year-old Kolkata-based manufacturer of material-handling equipment, TIL, had been under severe financial stress for several years, burdened with a mountain of debt.
In FY23, TIL’s sales sank to Rs43 crore – its lowest in five decades, and the losses rose to Rs92 crore. The salaries for 1,000 employees went unpaid for nearly a year, prompting agitation at its manufacturing facilities. Working capital had dried up, leaving an unexecuted order book of Rs300 crore, mainly from the defence sector.
Shareholders and employees held the late chairman, Sumit Mazumder and his core team responsible for the company’s decline. Mazumder himself even stated, “Decision to sell the company mainly comes from the fact that there is no successor to continue the business operations after me”.
The takeover revitalised not only the company but also customer confidence. The company is now on a rapid road to recovery and growth. In FY25, TIL recorded revenue of Rs343 crore, compared with R69 crore in FY24. Its share price, now Rs292, has nearly doubled from two years ago. Thus, reflecting the operational stability in new product development and workforce to strengthen its after-market coverage and wide-ranging indigenisation efforts yielded positive results driven by the infrastructure growth.
In the context of product launches and strategic positioning, “We plan to launch three new safety focus material handling products at Excon 2025 to be held in Bengaluru,” informs Rishabh. The new products aim to unlock new market categories and leverage government infrastructure investments supported by enhanced portfolio and cost efficiencies.
Interestingly, Gainwell had already been exploring investment opportunities in engineering and was seeking a fabrication partner for its underground mining machinery. The TIL acquisition idea was triggered when a banker approached Gainwell about the company, which was on the block.
“The acquisition is a strategic move that enhances Gainwell Group’s leadership in heavy-equipment manufacturing. TIL brings deep engineering expertise, manufacturing experience and strong brand recognition in the market,” says Sunil. This marks the first listed company within the Gainwell Group.
TIL is recognised for its infrastructure-equipment business in India, designing, manufacturing and marketing a comprehensive range of material-handling and port equipment, as well as bespoke defence equipment for missile handling, all supported by integrated customer service. The company operates regional offices in Delhi, Mumbai and Chennai, and owns two factories in Eastern India, at Kharagpur and Kamarhatty in West Bengal.
Commenting on the acquisition, Rajiv Prasad, President and CEO of US-based Hyster, a global alliance partner, said: “We look forward to a strong turnaround of TIL in the days ahead. Hyster remains confident that the long-standing partnership between Hyster and TIL will reach new heights under Chaturvedi’s stewardship.”
TIL’s product portfolio comprises a wide range of Mobile Cranes (Rough Terrain, Truck Cranes, Industrial, Pick-n-Carry Cranes), Lattice Boom Crawler Cranes, Reach Stackers, and Container Handlers. TIL also offers a range of sophisticated, custom-made and application-specific defence equipment.
TIL’s customers include the Indian Army, BEML, ONGC, Coal India, Reliance, Adani, Tata Steel, NTPC and UltraTech Cement.
TIL’s state-of-the-art Changual facility at Kharagpur, West Bengal, with a built-up area of 58,000 sq m, is an ERP-enabled plant producing container-handling reach-stackers under licence from the Hyster Yale Group. Conveniently located, it lies roughly equidistant from Kolkata, Jamshedpur and the maritime ports of Kolkata and Haldia.
Some industry experts, however, believe that TIL’s product design requires upgrading. “TIL was struggling to survive because of its financial distress, leaving no room for technology upgrades for a long time. That’s about to change. Our engineering team is already working to modernise its products,” explains Dipankar Banerjee, Whole-Time Director and CEO, Gainwell Engineering.
Sunil hailed from Kulpahar in Uttar Pradesh and moved to Delhi for higher studies, while Meena’s family came to India from Pakistan as refugees, leaving behind all their properties in Sindh after Partition. The two first met in a sociology coaching class on Hailey Road while preparing for the civil services examination. They became close friends, and Meena’s family treated Sunil like a son. Both later went to Shimla for the Indian Audit and Accounts Service (IA&AS) training.
“When Sunil left for his IAS training at Mussoorie, I realised that our relationship went beyond friendship – we were emotionally dependent on each other,” Meena recalls with a grin. However, Sunil’s family initially disapproved of their relationship because Meena was not a Brahmin and was three years older than him. Those objections were resolved through calm discussions, and the couple married happily thereafter.
Sunil began his professional career in 1985 as an Associate Chartered Accountant, followed by a long tenure of 20 years as an Indian Administrative Service officer in the provincial and federal governments.
When he served as Director in the Ministry of Heavy Industries, India’s first-ever auto policy was announced in March 2002, with a vision to create a globally competitive automotive industry in India and to double its contribution to the economy by 2010. Sunil was actively involved in shaping this policy.
“We convinced the ministry of the need to establish world-class testing and R&D infrastructure. That led to the creation of the National Automotive Testing and R&D Infrastructure Project (NATRIP), where I became the founding CEO,” Sunil recalls.
According to his plans, six advanced testing and R&D centres were established with an investment of Rs1,800 crore. He had the opportunity to work with luminaries such as Ratan Tata, Rahul Bajaj, Anand Mahindra and Venu Srinivasan, among others, who were members of the governing council. “It was an enormous learning experience for me to work closely with them,” he notes.
A new chapter
After two decades in government, Sunil wanted to contribute more substantively to India’s capital-goods industry. “It was a challenging decision to leave government service. We discussed it thoroughly and decided that Sunil’s pension and my salary together would take care of our financial needs,” says Meena.
Immediately after taking voluntary retirement in 2008, Sunil accepted an offer from Baba Kalyani of Bharat Forge to join as Executive Director and Chief Operating Officer of the Capital Goods Business. The company was then transitioning from auto-component manufacturing to the capital-goods segment. “It was an incredible exposure to the industry under Kalyani’s visionary leadership – he is one of my mentors,” says Sunil.
In 2010, Meena also resigned from her government post as Accountant General of Uttarakhand and joined Srei Sahaj e-Village, a subsidiary of Srei Infrastructure Finance, as CEO.
Life for the couple had changed forever when they acquired TIPL with the help of Caterpillar. They did not have to look back thereafter. They have carefully knitted the company for future business growth.
Sunil, now 62, is the Chairman and Managing Director of the Gainwell Group, while his wife Meena, 65, serves as Vice Chairperson. Their two daughters and sons-in-law have now taken on the responsibility for the group’s day-to-day operations.
The elder daughter, Akanksha Chaturvedi, 34, heads the group’s Corporate Strategy, Marketing and ESG functions. Her husband, Rishabh P Nair, 36, is Head of Brand, Content and Public Relations at TIL Limited. The younger daughter, Surabhi, 31, is responsible for driving operational excellence, shaping strategic initiatives and expanding Gainwell’s global footprint through key partnerships. Her husband, Tanay Khandelwal, 33, leads Strategy and Operational Excellence at Gainwell Engineering and is Group Head of Digital Initiatives for the Gainwell Group.
All four work diligently under the guidance of senior executives, and this capable next generation has pledged to take the group to the next level of growth.
Building on Caterpillar’s legacy
GCPL has been Caterpillar’s trusted partner and exclusive dealer across East and North India, as well as in Nepal and Bhutan, serving the construction, mining, energy and transportation sectors. The company offers a wide range of Caterpillar products, solutions and after-sales support, managed by dedicated teams with domain expertise and long experience, maintaining strong relationships with customers in each segment.
“Caterpillar, as a leading global brand, continues to introduce technological innovations that make its equipment more efficient, safer, more ergonomic, greener, connected and reliable. At Gainwell, we are committed to championing new technologies that deliver greater value to our customers,” says Manav Kohli, Executive Director and CEO, GCPL.
The company maintains a robust order book, with Caterpillar excavators accounting for the largest share. GCPL operates more than 90 stocking points, connected through a world-class ERP system (SAP), ensuring genuine Caterpillar spare parts are available even in remote locations for both scheduled and unscheduled repairs. The company also maintains a large fleet of rental equipment.
“Gainwell has been supporting Caterpillar customers across India. Sunil, Meena, and their teams continue to play a role in positioning Gainwell to respond to India’s growing infrastructure needs,” says Sam Vedhakumar Manoharan, Senior Vice President, Asia Pacific Distribution of Caterpillar Inc. Birla-owned GMMCO is Caterpillar’s other dealer, catering to South and South-West India.
Gainwell takes pride in its integrated green facility for the North, called Unnati. Besides 40,000 sq ft of office space, it includes an 18,000 sq ft parts warehouse and a 70,000 sq ft component and machine rebuild workshop. The complex houses a condition-monitoring centre, a training facility, a digital innovation hub and a customer interaction centre. It also includes an engine and transmission testing facility and a genset load-cell testing facility.
“Unnati is a zero-effluent discharge and LEED Platinum-certified green facility. The office building features a radiant cooling system that replaces conventional air conditioning, reducing refrigerant consumption by 80 per cent. It reflects our commitment to socio-ecological responsibility,” Meena explains.
“The infrastructure equipment industry is valued at approximately $10 billion, as per the latest ICEMA assessment, and has been growing at around 12 per cent annually. It is expected to reach $25 billion in the next 5 years,” Kohli notes.
Gainwell’s equipment has been deployed in several landmark projects, including the Delhi-Mumbai Expressway, Delhi-Amritsar-Katra Expressway, the Z-Morh Tunnel at 8,650 ft near Sonmarg, the Delhi Airport expansion and the upcoming Jewar Airport.
“At the heart of NALCO’s mining operations, Caterpillar machines and Gainwell’s expertise ensure operational excellence, achieving consistent performance, sustainable progress and a legacy of industry leadership,” says Rajendra Kumar Brahma, General Manager (Mechanical), NALCO, Damanjodi.
Distribution remains the group's mainstay, contributing revenue of Rs3,278 crore. Recently, Gainwell formed a strategic partnership with Daimler India for sales and after-sales services for BharatBenz mining trucks. “This partnership is designed to bring world-class trucking solutions to the mining sector,” says Surabhi, Head of Business Excellence and Global Alliance.
The group’s engineering arm, Gainwell Engineering, began its journey after acquiring an exclusive licence to manufacture Highwall Miners, mid- and high-seam room and pillar equipment for underground mining, in 2022. Specialising in underground machinery, Gainwell Engineering supplies to global markets and provides product-support services for both new and existing Caterpillar machines under the Gainwell brand. Following the acquisition of TIL, the manufacturing vertical is expected to see rapid growth.
“We have a vision of becoming a globally recognised, technology-driven manufacturing leader,” says Dipankar Banerjee, CEO, Gainwell Engineering. “Our company develops and manufactures innovative, safe and sustainable equipment.”
Its state-of-the-art manufacturing unit in Panagarh, West Bengal, spreads across 35 acres within an industrial park on the National Highway. The assembly of the giant Highwall Miner machine – weighing 370 tonnes – is an engineering marvel. Each unit costs over Rs100 crore.
“Highwall Miner technology revolutionised the global mining industry when Caterpillar introduced it. Now, Gainwell is the only manufacturer of this machine,” says Sunil. It offers a safe and productive method for extracting coal from visible, horizontal seams by creating rectangular, parallel, unsupported drives using a 300-metre unmanned cutter head and coal transport system. Controlled remotely from outside the mine, a small crew of one operator, two groundsmen, and one loader can extract 800 tonnes of coal in an eight-hour shift.
Gainwell’s Highwall Miner is currently deployed in the Narayankuri open-cast abandoned mine of ECL at Raniganj in West Bengal, which still holds 1.7 million tonnes of coal. “This is the only technology that can extract large volumes of coal safely and economically. We have already extracted 0.7 million tonnes,” says Tanay.
Gainwell also manufactures Continuous Miners, Face Haulers, Feeder Breakers, Battery Scoops, Shield Haulers and Multi-Utility Vehicles. The company’s manufacturing headquarters are based in Kolkata, while its global operations are managed through Gainwell Engineering Global Pte Ltd, Singapore.
The group claims it produces about 20 per cent of India’s total underground coal and supports around 30 per cent of the nation’s overall coal output. It also won India’s largest underground coal Mine Development & Operation (MDO) contract at Parasea in West Bengal from Coal India. The work will commence from mid-2026.
India’s underground coal production accounts for merely 5 per cent of total production (1,047 million tonnes), compared with 95 per cent in China. The government aims to raise underground coal extraction to 15 per cent, as it is both environmentally cleaner and socially more sustainable and requires less land acquisition, which remains a major pain point for the mining sector.
Gainwell recently established a cutting-edge facility in Pune to manufacture road-maintenance equipment – a first for India – aimed at bringing highway maintenance under advanced technology. The plant also produces asphalt and concrete batching plants in collaboration with Lintec & Linnhoff, Germany.
“We are bringing technological know-how and service expertise directly to our customers’ doorsteps. India offers immense opportunities for high-tech equipment in road maintenance,” explains Magesh Swaminathan, Head of Allied Business.
Gainwell is now eyeing opportunities in railway-track maintenance equipment. India has the world’s fourth-largest rail network, spanning 120,000 km. The company is reportedly collaborating with a US-based technology partner to participate in upcoming railway tenders.
The Gainwell Group reported a consolidated annual turnover of Rs5,035 crore in FY25, compared with Rs4,510 crore in FY24. The group is rapidly emerging as one of the fastest-growing players in the infrastructure and mining segments, driven by efficiency and strategic investment.
Management has set an ambitious target to achieve a group turnover of Rs15,000 crore by 2030. “We continue to implement organisational strategies focused on sustainable practices and long-term growth,” says Akanksha Chaturvedi.
When asked whether other engineering companies within the group might merge with TIL (a listed entity), Sunil responds: “As of now, there are no active plans to merge, but we remain open to exploring opportunities as they arise.”
“Gainwell has been our technology and product-support partner for over two decades. The collaboration has been invaluable in supporting our complex infrastructure and mining operations,” says Devendra Jain, Managing Director and CEO, Dilip Buildcon, one of India’s largest infrastructure and mining companies. “We now look forward to Gainwell introducing more electrified solutions for construction and mining.”
Under the leadership of Sunil and Meena, Gainwell has made remarkable strides. If workaholic Sunil continues at this pace, the company will remain in capable hands for the next decade and beyond. The true test of the next generation will be how they expand the business – collectively and with the same vision.
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The TIL tale
TIL (Formerly Tractors India Limited) was established in Calcutta by a group of Scotsmen led by R.T. Wilson, Alan Ramsay, and Charles Porter in July 1944. They recognised an opportunity to supply essential infrastructure equipment and services to support India’s expanding infrastructural needs during its period of transformation. In 1955, the company was listed on the stock exchange.
Avijit Mazumdar (who was fondly called Bobby Mazumder) joined Tractors India Ltd in 1960 as a management trainee and took over as Managing Director in 1976. In the mid-1980s, he acquired a controlling stake in the company and changed the company’s name to TIL Limited. Mazumder was the visionary. Under his leadership, TIL became India’s pioneer crane company. Later, his younger brother Sumit Mazumder became the Chairman. But he could not drive the company to keep pace with the market and technology. Many in the industry feel he lacked the dynamism that Bobby had. And there was no successor in the family to take care of the business. The company finally fell into a debt trap and lost investors’ confidence. In 2024, the Gainwell Group acquired TIL, and Mazumder stepped down as chairman. Recently, he passed away.