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Mumbai March 7 Engineering company Greaves Cotton Ltd on Wednesday announced the acquisition of Bukh-Farymann Diesel GmbH, a diesel engine manufacturing company in Germany.

The enterprise value of this acquisition is about 4.24 million euros (Rs 25 crore). This is Greaves' first acquisition abroad. The acquisition was made through its wholly owned subsidiary, Greaves Cotton Netherlands B.V., which was set up recently.

Bukh-Farymann, engaged in the manufacture and marketing of Farymann diesel engines and allied components, has an annual turnover of about Rs 50 crore approx. The name of the company is being changed to Greaves Farymann Diesel GmbH.

Commenting on the deal, Mr P. Sachdev, Managing Director and CEO of Greaves Cotton, said: "This acquisition fits well into our business strategy to move aggressively into global markets. The synergies which Greaves can bring from India will enable Farymann to grow significantly in a relatively short span of time."

More Stories on : Mergers & Acquisitions | Engineering

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