CRI Pumps today said it has acquired Italian pump manufacturer Fabbrica Italiana Pompe Sommergibili Srl (FIPS) for an undisclosed amount.
The buyout, second one by the Indian firm in less than a year, will allow CRI Pumps to scale new heights in embracing innovative technologies, a release said here.
"We have completed a share purchase agreement with the shareholders of Fabbrica Italiana Pompe Sommergibili Srl (FIPS) for acquisition of 100 per cent of its share capital.
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"This acquisition will enable CRI to scale new heights in embracing innovative technologies in sewage, effluent, drainage and waste water handling solutions for municipal, industrial, residential & building applications, the release by CRI Pumps said.
This is the second acquisition by Tamil Nadu-based CRI Pumps, which had last July bought UK-based Pumps & Process Systems Ltd, which dealt in industrial range of products.
FIPS, headquartered in Milan and founded in 1978, makes waste and sewage water pumps. Besides Italy, its products are available in Western Europe, Eastern Europe, West Asia, South Africa, China and several other countries.
As per a research report, the waste water pump market is valued at USD 8 billion (around Rs 48,000 crore) globally and is growing at CAGR 5.7 per cent for the period 2011-16.
Municipal waste water plants are the major pump users, contributing nearly 23 per cent of the end-user market, followed by chemical, power and refining industries. Asia- Pacific region is the key growth market.
CRI estimates the market size of sewage & waste water pumps in India to be around Rs 500 crore and growing at the rate of 15 to 20 per cent annually.
