By: ICN Bureau
Last updated : April 02, 2024 3:42 pm
Aeroflex further plans to invest approx. Rs. 18 crores in Hyd - Air to increase the production capacity over the next 2-3 years.
The Board of Directors of Aeroflex Industries Limited today approved to acquire 100% of the issued and paid up share capital of Hyd- Air Engineering Private Limited (Investee Company) from the existing Shareholders of the Investee Company.
The Board has executed a Share Purchase Agreement (SPA) with the existing shareholders of the Investee Company. On the completion of the said proposed acquisition, Hyd-Air Engineering will become wholly owned subsidiary of Aeroflex Industries.
Hyd-Air Engineering’s manufacturing facility is based out of MIDC Chakan, Pune with a land area of approx. 60,000 sq. ft, with a current built-up area of approx. 17,000 sq. ft.. Additionally, there is potential for further expansion, available for future development with approx. 43,000 sq. ft.
Aeroflex further plans to invest approx. Rs. 18 crores in Hyd - Air to increase the production capacity over the next 2-3 years.
Hyd-Air Engineering Private Limited is a manufacturer of products like Hydraulic Fittings, instrumentation fittings, Double Ferrule Fittings, Hose Clamps, SAE Flanges, Valves, Couplings etc.