Pune based Indian multinational Bharat Forge announced
that its German subsidiary CDP Bharat Forge GmbH had acquired 100 per cent
equity shares of Mécanique Générale Langroise (MGL) for Euro 11.8 million (Rs
90 crore).
The acquisition would consolidate Bharat Forge’s
position in the oil and gas sector by enhancing service offerings and
geographical reach, the company said. This also brings Bharat Forge closer to
its customers and increases the value addition provided to them.
“This is first among many opportunities we are
looking at addressing in North America, the North Sea area and the Middle
East,” it added.
MGL caters to premium global oil and gas customers,
all of whom are customers of Bharat Forge. Based in Saint Goesmes, France, MGL
is focused on precision machining and other high value-added processes like
cladding for critical applications in the oil and gas industry.
Baba N Kalyani, chairman and managing director of
Bharat Forge, said, “The acquisition is in line with our strategy of moving up
the value chain in the industrial business. It enhances Bharat Forge’s ability
to provide turnkey solutions and strengthens its product offering in the oil
and gas sector.”
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