Electrosteel Castings Ltd's Strategic Acquisition to Boost India's Valve Manufacturing
Electrosteel Castings Ltd has acquired T.I.S. Service S.p.A. for Rs 150 crore, aiming to manufacture advanced valves in India. The move is part of the 'Make in India' initiative to reduce import reliance. The company plans to localize T.I.S.’s product lines and anticipates significant growth in revenue.
- Country:
- India
Electrosteel Castings Ltd is gearing up to manufacture advanced valve solutions in India following its Rs 150-crore acquisition of Italian firm T.I.S. Service S.p.A., aiming to reduce import dependence and offer integrated water infrastructure solutions.
Following the acquisition, Electrosteel is focused on stabilizing operations and adapting T.I.S. product lines to align with India's Make in India strategy. Sunil Katial, CEO of Electrosteel, confirmed plans to eventually manufacture valves locally as a part of this initiative.
The company is evaluating a greenfield site in Odisha for valve production, which will add significant capacity. Despite delays in the domestic market due to slowed government fund disbursements, Electrosteel remains optimistic about growth and is committed to expanding its presence globally.
(With inputs from agencies.)
Google News