Coimbatore-based textile machinery manufacturer Lakshmi Machine Works (LMW) will acquire Rieter's shares in Rieter-LMW Machinery Ltd. (RLM), a 50:50 EoU (export oriented unit) joint venture between Rieter Machine Works and LMW for Rieter ring frame assemblies.

LMW would acquire all shares of Rieter in the joint venture company.

The value of shares would be determined as on June 30, 2011.

The transaction would be completed in August.