Opto Circuits buys European firm for Rs 72cr

Healthcare equipment manufacturer Opto Circuits India today announced an agreement to acquire a European firm at an estimated cost of around Rs 72 crore.

"The company has signed a letter of intent to acquire a medical equipment company in Europe. The company designs and manufactures a wide range of balloon catheter assemblies and related products for coronary, renal and other applications," Opto Circuits India said in a communication to the Bombay Stock Exchange today.

The company, which acquired Eurocor recently, had reported a turnover of about Rs 87 crore on a stand-alone basis and a net profit of Rs 29 crore for the first half of the current fiscal. Given the positive outlook after the acquisitions, analysts expect the company to report a net profit of more than Rs 65 crore for the year ending March 31, 2007.