Electrosteel acquires TiS Service SpA for Rs 150cr, to turn Indian operations into global manufacturing hub

Electrosteel Castings Ltd, one of the leading water infrastructure companies and pipeline solutions providers, which has just acquired 100 per cent of T.i.S. Service S.p.A., the Italian valve manufacturing company, for a consideration of Rs 150 crore, has already lined up an ambitious plan of turning its Indian facility into a global manufacturing hub, going forward.

- RITWIK MUKHERJEE

"Post acquisition of the Italian company, we are now focussing on the technology transfer. With their world-class technology and with a little bit of customization, we will put up a new plant in India (the location is yet to be finalized). This will have similar or higher capacity than the Italian one. We will cater to the European, Middle East and other markets and it will eventually come up as the global manufacturing hub. We will cash in on cost competitiveness, advantages and also talent advantages. We will also be well aligned with the Centre's Make in India philosophy," Madhav Kejriwal, Whole-Time Director, Electrosteel Castings Limited & President, T.i.S. Service S.p.A, told The Statesman.

Electrosteel was attracted by the Italian company as the latter was the only company in the category of products they are into. Their technology is also time-tested and world-class, added Kejriwal.