Banco Products to acquire Dutch firm for 17 mn euros

Auto component maker Banco Products (India) Ltd today said it will acquire the Netherlands-based Nederlandse Radiateuren Fabroiek BV and its subsidiaries for 17.70 million euros (about Rs 106 crore).

The decision to acquire 100 per cent stake in the Dutch firm was taken by the company's Board of Directors on February 20, Banco Products said in a filing to the Bombay Stock Exchange (BSE).

The board has decided to acquire Nederlandse Radiateuren Fabroiek and its subsidiaries, engaged in the business of manufacturing and distribution of heat transfer products, by purchasing 100 per cent of its equity from shareholders at an aggregate consideration of 17.70 million euros, it said.

The acquisition is subject to the approval of the competent authorities as may be required, Banco said.

Banco supplies high quality engine cooling components and engine sealing gaskets to the automotive industry. The company also offers a line of radiators, intercoolers, oil-coolers and all types of engine gaskets.

Shares of Banco Products settled the day at Rs 82.55, down 0.60 per cent on the BSE.