Business Standard: January 05, 2015
Pune/Mumbai: Bharat Forge on Friday announced its German subsidiary CDP Bharat Forge GmbH had acquired 100 per cent equity shares of Mécanique Générale Langroise (MGL) for Euro 11.8 million (Rs 90 crore).
The acquisition would consolidate Bharat Forge’s position in the oil and gas sector by enhancing service offerings and geographical reach, the company said. This also brings Bharat Forge closer to its customers and increases the value addition provided to them.
“This is first among many opportunities we are looking at addressing in North America, the North Sea area and the Middle East,” it added.
MGL caters to premium global oil and gas customers, all of whom are customers of Bharat Forge. Based in Saint Goesmes, France, MGL is focused on precision machining and other high value-added processes like cladding for critical applications in the oil and gas industry.
Baba N Kalyani, chairman and managing director of Bharat Forge, said, “The acquisition is in line with our strategy of moving up the value chain in the industrial business. It enhances Bharat Forge’s ability to provide turnkey solutions and strengthens its product offering in the oil and gas sector.”
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