Varroc Engineering announced that is wholly owned subsidiary, VarrocCorp Holding B.V., the Netherlands (VCHBV), has acquired balance 30% stake i.e. 60,000 equity shares of VARROC- ELBA ELECTRONICS S.R.L ("Varroc Elba") held by the other JV Partner, ELBA SA, Romania for an aggregate consideration of 1.05M (Euros One Million Fifty thousand only).
Pursuant to the aforesaid acquisition, Varroc Elba has become a 'wholly owned subsidiary' of VCHBV and in turn a 'step-down subsidiary' of the Company.
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