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Elgi Equipments buys French co

Coimbatore
Coimbatore-based compressor manufacturer Elgi  Equipments Ltd (EEL) has acquired Belair S.A. of France, which is engaged in assembly , sales and service of industrial compressors, piping, fittings and accessories for more than 25years.  Dr Jairam Varadaraj, Managing Director of EEL, said his company followed in Europe and other developed markets a model of “multi-local”acquisition of small to medium companies with strong brand names and supporting them with the “Elgi Inside” strategy of providing key technologies and product extensions. In tune with this strategy, Eel purchased 100percent shares of Belair S.A. France for Euro7000,000. This was funded from internal accruals. Meanwhile, in a communication to the BSE ,EEL said its board of directors on  march 1 approved the draft scheme of amalgamation of Elgi Industrial Products Ltd (formerly Known as ELGI Finance Ltd) (transferor) with Elg  Equipments Ltd (transreree) and the exchange ratio of 1:20 based on the recommendation made by independent valuer._ Our Bureau 



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