Batliboi, one of the oldest machine tool and engineering companies, announced that the company has acquired 100% stake in Quickmill Inc. Canada, for a consideration of around Rs. 22 crores.
The Chairman and Managing Director, Nirmal Bhogilal, said that the acquisition would be financed 70% by debt and 30% by internal resources. Batliboi has two factories located at Bangalore and Surat. It has offices in Prague, Shangha and Dhaka and is setting up an office in Sharjah,
He added that the company would distribute Quickmill's products in India, China and West Asia through its network, while Batliboi would leverage Quickmill's channels to sell its products in the North American market.
Quickmill is an Ontario-based machine tool company and is a designer and manufacturer of a wide range of large area machining centres for customers internationally in heat exchangers, machinery equipment, aerospace, dies and moulds, bridge building machinery and automotive sectors with annual sales of about Rs. 52 crores.
Source : Trading Markets