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Kabra Extrusiontechnik plans to invest Rs 20 crore for a minority equity stake in US-based Gloucester Engineering Company Inc.
The board of directors of Kabra has approved the proposal at a meeting held on Tuesday, the company informed the BSE. Post-investment, KET will get to appoint its member on the GEC board.
GEC is a globally recognised manufacturer of production equipment and systems for the blown film, cast film, shteet and foam markets in plastic machinery industry. It has more than 1,200 lines installed globally.
KET will benefit by availability of ongoing, updated technology of GEC through its existing technical licence agreement with the parent company Kolsite Group. The proposed investment will deepen and strengthen ties with GEC, it said.
Mr Mark Steele, CEO, GEC, said the new shareholder Kabra will help GEC develop opportunities in South-East Asia ensuring that the company's order position remains robust. On Tuesday, KET shares were down 0.42 per cent at Rs 60 on the BSE.
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