Elgi Equipment gains after US arm to acquire stake in CS Industrial

Elgi Equipments jumped 2.77% to Rs 482 after the company said its wholly owned subsidiary, Elgi Compressors USA Inc, has entered into operating agreement to acquire 33.33% stake in CS Industrial Services.

CS Industrial Services LLC will act as an exclusive dealer / distributor for Elgi Compressors USA Inc, for sale of ELGi branded compressors in Western New York region.

The company will acquire class A shares of $1,00,000 and class B shares of $25,000 and it is expected to be completed till 31th march 2023.

Elgi Equipments is engaged in manufacturing of air compressors. The company's consolidated net profit jumped 91.9% to Rs 80.06 crore on 17.8% rise in net sales to Rs 772.44 crore in Q3 FY23 over Q3 FY22.

 

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