Tamil Nadu-based air compressor manufacturer ELGI Equipments Ltd has acquired Italy’s Rotair S.p.a. through its subsidiary ELGI Compressors Italy S.r.l. for an undisclosed amount, according to a BSE disclosure.
Established in 1960 as service station equipment & reciprocating compressor manufacturing company, ELGI has evolved into a multi-product, multi-market company, manufacturing technically superior products. It operates two manufacturing facilities in Coimbatore and caters to diverse sectors.
This latest acquisition of the Italian firm will help strengthen its product portfolio and expand its global footprint even further. Earlier in 2009, ELGI had acquired France-based Belair S.A. for $0.94 million (Rs 4.38 crore).
ELGI scrip was trading at Rs 77.60 a unit at 3.49 pm on the BSE, up 0.06 per cent in a strong Mumbai market.
Rotair has been designing, manufacturing and marketing a wide range of compressors and allied products for more than 50 years and mainly caters to the construction and the industrial sectors. It has an annual turnover of €15 million and has market presence across Europe and other leading international markets.
(Edited by Sanghamitra Mandal)