Air-compressor maker Elgi Equipments today announced that it has acquired 100 per cent shareholding of Sydney-headquartered F R Pulford and Son Pty Ltd for 11.04 million (Australian Dollars), about Rs 56 crore, in an all "cash deal."
Commenting on the acquisition, ELGi Equipments, Managing Director, Jairam Varadaraj said, "Today is a momentous day in ElGi's and Pulford's history. It is the integration of two customer centric organisations with the intent of gaining a leadership position in the Australian compressed air market."
Pulford Air and Gas, Managing Director, Tom Fyfe said, "today marks a great opportunity for Pulford to take a further leap in the Australian air compressor market with the acquisition by ELGi worldwide."
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