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Kolkata-based Kanoria Chemicals & Industries Ltd has acquired a 100 per cent stake in German company, CoSyst Control Systems Gmbh.
he purchase has been made through Kanoria Chemicals’ wholly-owned subsidiary APAG Holding AG, Switzerland, at a consideration of Euro 640,500, the company said in a disclosure to the bourses.
As a part of the transaction APAG will also take over the loan amounting to Euro 209,500 provided by the erstwhile shareholders to CoSyst.
CoSyst is engaged in development of project and customer specific products primarily for automotive electronics.
Following the acquisition, APAG’s operations will be spread over Switzerland, Czech Republic and Germany, it said in a statement to BSE.
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