Air compressor manufacturer Elgi Equipments has acquired Pulford Air and Gas, an Australian company, at a total cost of Australian $11.04 million.
Pulford is one of the largest distributors of industrial air compressors in Australia. Elgi has acquired F.R. Pulford & Son Pty Limited and its wholly owned subsidiary Advanced Air compressors Pty Ltd.
‘To add ₹50 cr. revenue’
Jairam Varadaraj, MD, Elgi Equipments, told The Hindu that with the acquisition, Elgi expects ₹60 crore revenue in Australia this financial year.
Its current revenue there (without Pulford) is ₹10 crore. Elgi has been present in Australia for the last 7-8 years and in the past year, Pulford has been its distributor. The demand for compressors in Australia comes from its industrial base, food processing and mining sectors. Elgi now exports to this market from India and will continue to do so.
The revamped structure with the acquisition of Pulford will cover the New Zealand market, too. Elgi is on a mission to become a leading player in the global air compressor business by 2027, the firm said in a statement.
The acquisition is a ‘significant’ step to expand in the whole region, it added.