The Hindu Business Line : Batliboi buys Canadian co Quickmill for Rs 22 cr

ACQUISITION MODE: Mr Nirmal Bhogilal, Chairman & Managing Director, Batliboi Ltd, addressing a press conference in Mumbai on Tuesday. - Shashi Ashiwal

Mumbai March 27 Batliboi Ltd today said that it has acquired Ontario-based Quickmill Inc for Rs 22 crore.

Quickmill is engaged in making machine tools, milling and drilling machines used in heat exchangers, heavy equipment manufacturing, fabricated steel, and the oil and gas and aeronautical industries.

The company's turnover for 2005-06 was Rs 51 crore with a profit after tax of Rs 4.4 crore.

Announcing the 100 per cent acquisition, Mr Nirmal Bhogilal, Chairman and Managing Director, Batliboi, said: "Our strategy is to support Quickmill's current management to grow and develop it as a separate and distinct entity leveraging their technology, strong brand, reputation and expertise."

He added: "We plan to reap synergies through cross-fertilisation of skills. Quickmill will support Batliboi's manufacturing base through its considerable R&D capabilities."

Batliboi is engaged in machine tool manufacturing, besides air engineering, textile machinery and air conditioning.

It is part of the Rs 450-crore Batliboi group, which has interests in environmental engineering, motors, wind energy, marketing and logistics.

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