Dutch Group takes over Parixit Industries
Dutch-based Emtelle group has taken majority stake in Ahmedabad-based Parixit Industries Ltd (PIL) and thereby making its entry into India.
By PTI |
AHMEDABAD: Dutch-based Emtelle group has taken majority stake in Ahmedabad-based Parixit Industries Ltd (PIL) and thereby making its entry into India.
Parixit Industries has a plant in Sanand and is engaged in manufacturing of Micro Irrigation Systems (MIS).
Emtelle acquired stake in a local company to manufacture and market a range of micro-irrigation systems, PE pressure pipes and ducted network solutions for telecom, power and infrastructure sectors in India as well as overseas.
However, officials of both the companies declined to divulge details of the deal.
"We have presence in Europe, Asia and Australia since over 25 years in telecom, power and infrastructure sectors. Our acquiring stake in PIL is aimed at creating exporting hub for our products and also to enter Indian market," group chief executive of Emtelle Sanjeev Kumar said.
He said that they have plan to invest Rs 500 crore over next three years, while PIL would rope in Rs 150 crore.
"There would be initial investment of Rs 50 crore for plant equipments and other infrastructure," he added.
The partnership would provide a scalable and operationally efficient model for both companies to address fast growing Micro Irrigation Systems (MIS), telecom, power, infrastructure markets in India and overseas, Kumar added.
Parixit Industries has a plant in Sanand and is engaged in manufacturing of Micro Irrigation Systems (MIS).
Emtelle acquired stake in a local company to manufacture and market a range of micro-irrigation systems, PE pressure pipes and ducted network solutions for telecom, power and infrastructure sectors in India as well as overseas.
However, officials of both the companies declined to divulge details of the deal.
"We have presence in Europe, Asia and Australia since over 25 years in telecom, power and infrastructure sectors. Our acquiring stake in PIL is aimed at creating exporting hub for our products and also to enter Indian market," group chief executive of Emtelle Sanjeev Kumar said.
He said that they have plan to invest Rs 500 crore over next three years, while PIL would rope in Rs 150 crore.
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"There would be initial investment of Rs 50 crore for plant equipments and other infrastructure," he added.
The partnership would provide a scalable and operationally efficient model for both companies to address fast growing Micro Irrigation Systems (MIS), telecom, power, infrastructure markets in India and overseas, Kumar added.
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