NASDAQ-listed Systemair AB has reached an agreement to acquire International Airconditioning Products Pvt Ltd (IAPL), part of Suvidha Engineers India Pvt Ltd, for SEK 63 million (Rs 47.57 crore), the company has said in a statement.

“This is a strategic acquisition and an important piece of the puzzle for our continued expansion into the Indian market. Local production of air-handling units gives us access to more and larger construction projects,” Systemair CEO Gerald Engström commented on the acquisition.

Based in Greater Noida in NCR, IAPL manufactures air-handling units for the Indian market. The company has a turnover of around SEK 55 million (Rs 41.53 crore), operates five sales offices across the country and has 120 people on board. Incidentally, its parent company Suvidha Engineers focuses on design, system engineering, supply, testing, installation and commissioning of heating, ventilation and air conditioning systems.

In November last year, Systemair acquired Ravistar, a Noida-based ventilation company with production units in Noida and Hyderabad, and a sales office in Bangalore. The deal also included the right to use the Ravistar trademark.

Systemair was founded in 1974 by president and CEO Gerald Engström and is headquartered in Skinnskatteberg, Sweden. The company has operations in 39 countries across Europe, North America, the Middle East, Asia, Africa and Australia, and recorded sales of over SEK 3.2 billion (Rs 2416 crore) in 2009-10. The group consists of around 60 companies, employs 2300 people and operates more than 14 factories across the globe.

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