Systemair has reached an agreement to acquire International Air conditioning Products Pvt. Limited (IAPL) in India, which is a part of Suvidha Group.
IAPL manufactures air handling units for the Indian market and has a turnover of approximately £5.2 million (SEK 55m) and 120 employees. The company is based in Greater Noida outside New Delhi, and has sales offices in further five cities in India.
IAPL owns an industrial property covering 23,000 m
2 land area of the Greater Noida Ecotech Park. Systemair intends to coordinate the production of their Indian operations and build a R&D Center in this property. The total purchase price amounted to £6m (SEK 63m) including the industrial property.
Systemair CEO Gerald Engström said: 'This is a strategic acquisition and an important piece of the puzzle for our continued expansion on the Indian market. Local production of air handling units gives us access to more and larger construction projects.
'The acquisition will also give us increased sales of other Systemair products on the Indian market from the recently acquired Ravistar, which manufactures air distribution products, and our current production of fans in India. Our ambition is to become one of the leading suppliers of ventilation products in India within the next few years.'
