ELGI Equipments has received approval for acquisition of 100% shareholding and control of Michigan Air Solutions LLC, a Limited Liability Company headquartered in State of Michigan, USA. This acquisition will be accomplished through ELGI Compressors USA, Inc., a wholly owned subsidiary of ELGI Equipments. The Board of Directors of the Company at its meeting held on December 16, 2019 has approved the same.
The company is a distributor and specialist in air compressor sales, maintenance and services. The total consideration for the acquisition is around $6 million (Rs 42.44 crore). This acquisition will significantly expand the company’s footprint in the State of Michigan, USA.
Elgi Equipments is a holding company and an air compressor manufacturer. The company’s segments include Compressors, Automotive Equipments and Others.
