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Elgi Equipments Ltd has acquired Italy-based Rotair S.p.a. through a 100 per cent subsidiary incorporated in Italy, Elgi Compressors Italy S.r.I.
Located in the northern part of Italy, Rotair S.p.a is engaged in the design, manufacture and distribution of a range of compressors and allied products for the construction and industrial sectors.
The company has an annual turnover of €15 million, and has market presence across Europe and other leading international markets, Elgi said in a statement to the BSE.
Business Line had reported in June that Elgi Equipments Ltd is planning an outlay of about Rs 650 crore in the next five years in putting up a new factory in Coimbatore and to fund its overseas acquisitions in the Americas and Europe.
The company will meet the investment cost through borrowings and by leveraging the balance sheets of potential acquisitions abroad and does not intend to dilute its equity by going for a follow-on public offer or rights issue to raise the resources, its Managing Director, Dr Jairam Varadaraj, had said.
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