Mumbai-based Waaree Group has acquired Italy based valve manufacturing firm Cesare Bonetti SPA for an undisclosed amount. The acquisition will help Waaree improve its manufacturing capabilities.
“We look forward to engaging with Bonetti, an established company in the manufacture of critical valves and level gauges. This relationship substantiates the group’s strategic expansion plans. It also places us in a good position on a global level and as serious competitors in the valves and level gauge business. We expect to leverage this partnership to focus on the key elements of our business," said Hitesh Doshi, chairman and MD of Waaree Group.
Waaree Group was founded in 1989 and is a player in process control equipment, industrial valves, solar energy, lubricants and petrol/fuel station equipment. The firm has a presence in over 68 countries.
In 2010, Switzerland-based Baumer group, a family owned manufacturer of sensors and sensor systems for factory and process automation, bought a majority stake in Doshi brothers-owned Waaree Instruments Ltd from Waaree Group for an undisclosed amount.
Cesare Bonetti manufactures critical valves and level gauges. Its products include gate and check valves, bellows sealed valves, high pressure-high temperature and cryogenic service ball valves. With the recently established plant in Karambele in Gujarat, India, Bonetti enhanced its manufacturing capabilities, complementing its facilities at Garbagnate in Italy and Suzhou in China. Its joint ventures in Germany and Turkey also augment its manufacturing capabilities.
In the same space, PE major Blackstone Group recently announced plans to acquire a controlling stake in Agile Electric Sub Assembly Pvt Ltd, which is engaged in the production of DC motor sub-assemblies.
(Edited by Joby Puthuparampil Johnson)