Nitin Fire acquires 40% stake in Dubai co

MUMBAI: Nitin Venture FZE, UAE, a subsidiary of Nitin Fire Protection Industries, has acquired 40 per cent stake in Dubai based New Age Company.

New Age Company is a professional fire protection engineering company providing equipments, UAE. It has office and representation in Abu Dhabi, Dubai, Sharjah, with experience in installation in all seven emirates.

The company is engaged in fire protection system, fire detection system, emergency lighting system, water mist fire protection system, the entire activity includes supply and installation, testing and commissioning of equipment system and maintenance.

It has taken several projects like municipality, airport development board, port authority, telecommunication sites, cement plant, ministry of education and civil defense. For 2007-08, the company's net profit is 17 per cent and net sales for the same year is Rs 44 crore.

"This acquisition will give Nitin Fire a good boost in UAE market. The company expects 20-25 per cent growth year on year," company said.

On Friday, Nitin Fire shares closed down 1.44 per cent at Rs 441.50 on BSE.