Elgi Equipments’ wholly owned subsidiary -- Elgi Compressors USA Inc (Elgi USA) has received approval for divestment of entire stake in its Joint Venture CS Industrial Services LLC, USA, to the existing joint venture partners.
The Joint Venture Partners have expressed their interest to buyout the investment of Elgi Compressors USA Inc (Elgi USA) in CS Industrial Services LLC as per the terms of the operating agreement. The formalities under the operating agreement and the actual closure are expected to be completed by June 30, 2024. As per the terms of the operating agreement, post divestment of Elgi USA’s stake, CS Industrial Services LLC shall be the exclusive distributor to sell, maintain and service ELGi branded oil flooded rotary screw category products for a period of five years.
The company has also received approval to create necessary infrastructure for expanding manufacturing facilities at Kinathukadavu, Coimbatore. This will result in capacity addition for production of air compressors and delivery of parts. In Phase I of the project, DPSAC (Diesel Powered Screw Air Compressor) and GSC (Global Support Center) capacities will be enhanced. The Phase I of the project is expected to be completed by end of FY 2025-26 and the estimated cost is Rs 254.70 crore. The Board of Directors of the Company at its meeting held on May 27, 2024 approved the same.
Elgi Equipments is a holding company and an air compressor manufacturer. The company’s segments include Compressors, Automotive Equipments and Others.
| Company Name | CMP |
|---|---|
| KSB | 722.25 |
| Elgi Equipments | 505.65 |
| Dynamatic Tech | 6735.15 |
| Kirloskar Pneumatic | 1376.30 |
| Shakti Pumps (I) | 1000.40 |
| View more.. | |
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