Sara Group, a Dehradun-based a drilling equipment company, has announced an acquisition of a US company, which also manufactures equipment for oil rigs, with an undisclosed price.
“It is a matter of pride that we acquired Consolidated Pressure Control (CPC), a US company located at Houston,” said V K Dhawan, chairman, Sara Group of companies. CPC is a seven-year-old company engaged in the business of manufacturing, supplying and servicing of control systems for surface mounted blow out protection units (BoPs).
CPC also supplies land rig units, BOP test pumps and other components used in the oil and gas industry.
With this acquisition, the Sara group, having a turnover of Rs 200 crore, would aim to become a Rs 300-crore company next year, Dhawan claimed.
“The acquisition of CPC will not only open new avenues for our products abroad but also provide wider markets to our indigenous products in US and Canada,” said Dhawan.
With this acquisition, the Sara group would capture nearly 55 per cent share in the world market related to supply of drilling equipment, Dhawan said. CPC is a fully operational and profit oriented company and is being efficiently managed by professionals, he said adding, his sons will assist him in running the new acquired company.
