Refex Refrigerants up on Singapore buy

MUMBAI: Refex Refrigerants gained 2.5 per cent after the firm acquired 51 per cent stake in Singapore's Kaltech Engineering and Refrigeration for Rs 31 crore.

Singapore based, Kaltech Engineering is engaged in trading refrigerant gases catering to both, the domestic and export markets.

During the course of this current year, the company will further acquire 39 per cent for Rs 25 crore thereby increasing its holding to 90 per cent in Kaltech. With the buyout, the company aims to become one of the biggest re-fillers in Asia in the next two years.

The company also proposes to set up a second refilling plant at Thiruporur in Tamil Nadu, with an estimated investment of Rs. 36 crore. The second plant, when operational, will increase the company's refilling capacity to 3,000 tonnes per annum from the existing 480 tonne.