Real estate developer, Salarpuria Sattva Group, is in the process of acquiring one more aerospace company. This would be the third acquisition in the aerospace sector for the developer since the last fiscal.
“We are acquiring a Pune-based company, which is specialised in designing and supplying control systems for the Indian Navy,” Mr Bijay Agarwal, Managing Director, Salarpuria Sattva Group, told Business Line.
He, however, declined to name the company being acquired. The company, being acquired, designs and supplies control systems for marine engines, compressors, air conditioning and refrigeration plants on-board the naval ships, said Sattva group officials.
It also supplies engine monitoring controls, power systems, boiler instrumentation and weapon system interfaces. The Pune-based company would be acquired for $3 million over two-three months, Mr Agarwal said. “Once this acquisition is complete, we would be in a position to offer a complete package of solutions for the Defence aviation sector,” he added.
Sattva Group has so far invested $10 million in the two companies they had acquired last fiscal. The two companies — Sattva AASPL and Sattva eTech — also supply control systems to the Defence aviation sector. “We plan to invest about $5 million into these two companies during the next fiscal, and not more than $3 million in FY2014,” said Mr Agarwal. The funding for these investments would be through internal accruals. Sattva Group expects a turnover of $6 million this year from the three companies, and hopes to increase the turnover to $25 million in the next three years.
Sattva AASPL has also signed a joint venture with a Russian defence company for marketing of defence equipments in India.