Greaves Cotton buys Bukh-Farymann, Germany

Greaves Cotton, part of Thapar group, today said it has acquired 100% stake in German firm Bukh-Farymann through its wholly-owned subsidiary Greaves Cotton Netherlands B.V. for an enterprise value of approximately euro 4.24 million.

The German subsidiary was incorporated recently, the company informed the Bombay Stock Exchange.

The acquisition includes existing debt of approximately euro 1.59 million.

Bukh-Farymann is a profit making company and engaged in the manufacture and marketing of Farymann diesel engines and components.

Greaves said the acquisition would facilitate the its global plans and also boost export initiatives.

Meanwhile, Greaves Cotton has fixed March 22 as the record date for the purpose of payment of third interim dividend.