Kirloskar Brothers to sell its arm for Rs 47.44cr

NEW DELHI: Centrifugal pumps maker Kirloskar Brothers today said it will sell its entire 100 per cent stake in Gondwana Engineers to Doshion Veolia Water Solutions for Rs 47.44 crore.

"Kirloskar Brothers ...signed a share purchase agreement for disposal of its entire equity stake (100 per cent) in Gondwana Engineers Limited (GEL) for a total consideration of Rs. 47.44 cares," the company said in a communique to the Bombay Stock Exchange.

GEL specialises in water and sewage treatment plant. It is also engaged in operations and maintenance of treatment plants.

Kirloskar Brothers had acquired GEL in 2007 for a little over Rs 7.6 crore. GEL was started by S D Shangarpawar, a technocrat, in the year 1982.

Doshion Veolia Water Solutions is a group company of Ahmedabad-based Doshion Ltd.