Paharpur Cooling Towers Ltd. entered into a definitive agreement with SPX Cooling Technologies Inc to acquire its dry cooling business globally for around $48 million (about Rs.320 crores).
The transaction includes takeover of SPX’s 45 per cent ownership interest in its joint venture with Shanghai Electric Group Co. Ltd. of China, according to a company statement.
The transaction is likely to be finalised in the first half of 2016 , subject to all approvals. Headquartered in Brussels, SPX Dry Cooling is a leading supplier of dry-cooling systems globally mainly for power plants.
It has manufacturing operations in China and engineering, sales and operations in Belgium, the USA, China and South Korea