Elecon Engineering Ltd has acquired the Benzlers - Radicon Group of businesses from David Brown Gear Systems Group, the company said in its communique to the stock exchanges. The acquistion has been made through its Mauritius based SPV, Elecon Transmission International Ltd, a 100% SPV of Elecon Engineering Ltd.
According to the release the company has also acquired the Applied Products Division i.e. RADICON of David Brown Gear Systems UK and also certain assets of the gear motor business of Cone Drive Inc. USA. Without disclosing the transaction amount, the company said that the gross value of these businesses is 18.40 million pounds.
The companys net profit recently surged as it bagged order worth Rs 210 million from Wonder Cement, Rajasthan
Shares of Elecon Engineering Company gained Rs 0.55, or 0.58%, to trade at Rs 96.20. The total volume of shares traded was 124,473 at the BSE (2.35 p.m., Monday).
