GEPL- Kirloskar's subsidiary Company

Mumbai, Sep 10: Kirloskar Brothers, a leading pump manufacturing company, has acquired 100 per cent equity share capital of Gondwana Engineers (GEPL) for a total consideration of Rs 7.6 crore.

''The Company has executed the necessary share purchase agreement today at Pune,'' Kirloskar Brothers disclosed it to the Bombay Stock Exchange (BSE).

GEPL was started by Mr S D Shangarpawar, a Technocrat, in the year 1982. The Company is having specialisation in various water, sewage and effluent treatment plants and is also engaged in the operation and maintenance of various treatment plants.

''GEPL will initially function with the same name and will be a subsidiary company of the Company,'' Kirloskar Brothers's release said.The Company expects that with the acquisition of GEPL, the Company can expand its activities related to this field and achieve synergies of business.

Reacting to the acquisition, Kirloskar Brothers stock touched to its 52-week high of 492 at the BSE, after opening at 490, up by Rs 16 from its previous close of 484.

UNI