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MACHINIST - Saint-Gobain to acquire Electrotherm's ductile pipes division for Rs 9.5bn

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Saint-Gobain to acquire Electrotherm's ductile pipes division for Rs 9.5bn
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Written by Vijay   
Friday, 16 December 2011

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Mumbai: The Pipe division of Saint-Gobain Construction Products Sector has entered into an agreement for the acquisition of the ductile iron pipe division of the Electrotherm (India) Limited. The division has two production sites in the states of Gujarat and Karnataka.

Saint-Gobain Construction Products Sector will acquire the equity stake of an Indian subsidiary of Electrotherm (India) Limited, for an equity value of INR 9.5 billion (around EUR 135 million). The finalization of this acquisition is subject to antitrust clearance in India.

"We are pleased that our ductile iron pipe business will be transferred to one of the world's leading building materials companies and the global leader in Ductile Iron Pipes. This transaction will enable Electrotherm to focus on its core businesses of Engineering and Steel and also to reduce debt. This Transaction signifies the growing importance of India for global players. Our facilities will allow Saint Gobain to cater to domestic and International markets." said Avlnash Bhandari, Jt. Managing Director, Electrotherm (India) Limited.

Sales of Electrotherm's Pipe division amounted to INR 5492 million (around EUR 80 million) in 2010 with 715 employees.

KPMG Corporate Finance was the exclusive financial advisor to Electrotherm (India) Limited.

 
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