Mumbai-headquartered industrial tools manufacturing and engineering company has acquired 60 per cent stake in Israel-based Plasma Laser Technologies Ltd, for up to $2 million.
The firm announced in October 2012 that its board had given an in-principle approval to invest a sum not exceeding $2 million in an unnamed overseas company, for technology absorption and technical know-how.
On Wednesday, the company said as per the decision of the board committee, it had acquired majority stake in the Israeli firm.
Founded in 1995 by a core group of scientists and welding engineers, Plasma has developed two main patented hybrid systems, offering industrial manufacturers improvements in welding quality and more cost-effective solution, compared with conventional processes.
Ador Welding (formerly known as Advani-Oerlikon Ltd), a flagship company of the Ador Group, was set up back in 1951. It manufactures a variety of welding products and industry applications including welding consumables (electrodes, wires and fluxes) and welding & cutting equipment, and also offers technology services. It has manufacturing plants located in Bangalore, Chennai, Nagpur, Pune, Raipur and Silvassa. The firm reported Rs 340 crore turnover during FY12 and currently employs over 750 people.
Ador Welding shares last traded at Rs 139.80 a unit, down 0.82 per cent on the BSE in a strong Mumbai market on Wednesday.
(Edited by Sanghamitra Mandal)