The Calcutta-based Shrachi group yesterday announced that it has taken over Kanoi Engineering and Industries Ltd (KEIL), designers of process engineering plants and equipment in various materials.
KEIL, formerly known as APV Engineering Company Ltd, has been taken over to expand Shrachi's engineering activities, said Ravi Todi, managing director of the Calcutta-based Shrachi group, while addressing newpersons a meeting called yesterday to announce the company's plans.
Total cost of acquisition was Rs 5 crore which includes purchase of 22,79,000 equity at Rs 11 per share, bank liabilities and other assets of the company. Once the acquisition process is complete, the company will be re-christened as Shrachi Engineering Industries Ltd.
"The takeover will mainly focus on recasting and revamping the business. It will refocus on the dairy industry, re-establish stainless steel fabrication for less sophisticated fabrication mostly in carbon steel. Focus will be on sophisticated fabrication in stainless steel, too," said Todi.
