Batliboi acquires Air Engineering company in Europe

Mumbai, Jun 20 (UNI) Mumbai-based textile engineering company, Batliboi Ltd today announced the acquistion of 70 per cent controlling stake in a French-based company ASEA Air Engineering for approx Rs 9 crores.

The remaining 30 per cent stake will be with the ASEA management.

AESA, is one of the leading players in textile air engineering in France and has business operations in China and Italy. The company registered a turnover of Rs 70 crore last year.

As per the deal, both the companies will continue to work independently using a stand alone dual brand strategy and will increase their market share worldwide.

ASEA has expertise in carbon and glass paper fibers and has a strength of 100 employess.

Company Chairman and MD Nirmal Bhogilal told mediapersons, ''This acqusition will help both the companies reap benifits of mutual synergies and this will help us in gaining global footprint in textile engineering world market.'' Batliboi Ltd with a gross turnover of Rs 300 crore is one of the leading players in textile air engineering in the country. This is the second acqusition of the company this year, earlier this year it acquired a Canadian-based textile company Quick mill.

UNI