Kolkata, March 28 (IANS) Engineering major L&T Thursday said it has completed acquisition of Audco India Limited (AIL), a leading manufacturer of industrial valves.
The $13.5 billion conglomerate bought entire stake in AIL, a joint-venture with Audco Limited, UK, a wholly-owned subsidiary of US-based Flowserve Corporation.
As a result of these transactions, L&T obtained full ownership of AIL and acquired the key product line, the company said in a regulatory filing to Bombay Stock Exchange (BSE).
The firm said the acquisition was in line with its overall portfolio rationalisation and the deal would help grow its valve business globally.
“Together L&T and AIL would provide cutting-edge flow-control solutions to global oil, gas and power sectors,” it added.