MUMBAI: Pump manufacturer WPIL Ltd today said it will acquire the pump business of South African PSV Holdings Ltd for ZAR (South African Rand) 54 million (about Rs 35 crore) in an all cash deal.
The acquisition will be made through company's Singapore subsidiary WPIL International Pte Ltd and the deal is "subject to carrying out of necessary due diligence," it said in a filing to the BSE.
"With this acquisition, WPIL will be able to expand its reach in the vast developing African pump market," it added.
PSV Holdings Ltd, a listed company based in South Africa, is a specialised industrial engineering group focusing on pumps, spares, valves, engineering linings, industrial supplies, fuel pumps and dispensers and cryogenics.
On the other hand, WPIL is a Kolkata-based company, having presence in various segments of pump business, which are used in water supply, barge pump stations, irrigation, thermal power plants, fire fighting among others.
Shares of the company closed today at Rs 212.40 apiece on the BSE, up 2.88 per cent from the previous close.
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