Batliboi buys 70-per cent stake in French company

Mumbai: Engineering company, Batliboi Ltd, has announced acquisition of 70-per cent stake in French air engineering company AESA, SA for approximately Rs9 crore, through an all-cash deal.

Batliboi said that the remaining 30-per cent stake would remain with AESA''s key employees. It further stated that there would be no change in the management and employee structure of the French company.

AESA suffered a loss of Rs1- Rs2 crore last year due to its building mortgage debt, but Batliboi intends to turn the company around this year, according to Nirmal Bhogilal, chairman and managing director, Batliboi.

Batliboi is into machine tools, textiles, air engineering, textile machinery, ACs and refrigeration, and clocked a gross turnover of Rs300 crore last year. Its main facilities are in Udhna, Bangalore and Peterborough with additional offices in Shanghai, Prague and Dhaka.

For Batliboi, AESA is its second acquisition after Canadian Machine Tool Company Quickmill in March this year.