Mumbai: Doshion Veolia Water Solutions Pvt Ltd, a group company of Ahmedabad-based Doshion Ltd, acquired a 100% stake in Gondwana Engineers Ltd, a subsidiary of Pune-based Kirloskar Brothers Ltd, for Rs47.44 crore, KBL informed the Bombay Stock Exchange on Saturday.
Gondwana engages in providing services in water and sewage treatment plants through operations and maintenance. Doshion Veolia provides water and waste water management services.
KBL’s company secretary declined to elaborate on the details of the transaction as there would be an official announcement next week.
For the year ended March 2011, Gondwana had reported a net sales of Rs67 crore over a net profit of Rs4 crore, according to a research report by Asian Markets Securities Pvt Ltd dated 28 April 2011.
KBL had acquired Gondwana in September 2007 for Rs7.6 crore expecting the business to create synergies with its line of activity. Shares of KBL fell 1.46% to close at Rs152 a piece on the BSE on Friday.