CRI Pumps, a Coimbatore-based manufacturer and exporter of pumps, said it had acquired the industrial pumping solutions business of UK-based Pumps & Process Systems Ltd for an undisclosed amount. The company is planning to set up a manufacturing facility in Coimbatore to sell the new products, initially in the Indian market.
"With this business transfer agreement, we are entering into a new segment, where there are not many players even in global market. The market size for industrial pumping solutions would be a few hundred crore of rupees in India,” said Chaitanya Koranne, CEO of industrial pumps division, CRI Pumps.
With this acquisition,it has solutions including pulp handling, slurry handling and chemical handling for a variety of industries such as paper mills, metals and mining, power, coal, chemicals and petrochemicals and food and beverages.
The proposed manufacturing unit in Coimbatore would come up in an area of 1,00,000 sft. It posted a turnover of Rs 800 crore last year and expects to cross Rs 1,000 crore in the current fiscal year, he added.