L&T completes acquisition of Audco India
01 April 2013
Technology, engineering, construction, manufacturing and financial services conglomerate, Larsen and Toubro Ltd (L&T) has completed the acquisition of transactions related to its group company Audco India Limited (AIL).
Audco, a leading manufacturer of industrial valves in India, is a joint venture of L&T with Audco Limited of UK, a wholly-owned subsidiary of Flowserve Corporation, USA (Flowserve).
With the completion of all transactions, L&T has obtained full ownership of AIL as also key product lines, viz, Gate, Globe and check valves, forged steel GGC valves, ball valves, including trunnion mounted ball valves, butterfly valves, (including aqua seal rubber-lined valves and triple offset butterfly valves. It will retain AIL's manufacturing plants at Manapakkam (Chennai) and Kanchipuram.
The acquisition, which is in line with L&T's overall portfolio rationalisation, will help grow L&T's valve business globally with a comprehensive range of valve offerings, the company said in its release.
AIL is a preferred manufacturer for critical valves, including cryogenic, low-emission and large-size valves. AIL's international customers include world-leaders in
oil & gas and global EPC majors.
The company's high-calibre design team provides cutting-edge flow-control solutions to global oil and gas and power sectors.