MRO acquires 100% stake in Standard Air
Ahmedabad-based MR Organisation (MRO) Ltd on Wednesday acquired 100% equity stake in UK-based air compressor component maker Standard Air Limited for an undisclosed amount.
MRO supplies air compressor components to dealers, wholesalers, service companies and OEMs to 72 countries globally in addition to various companies across India. Standard Air, on the other hand, caters to major air compressor brands across US, Europe and the Middle East.
Mayur Kamdar, founder and managing director, MRO, said, “Post Brexit, several avenues have opened up in the European market. An acquisition of a quality player such as Standard Air, provides a stronger and deeper presence of MRO in Europe, one of the key markets for the company. The transaction will provide the necessary growth and global footprint signifying continued strong performance of MRO.” The deal will also enable MRO to grow its direct presence in several overseas markets, sources said.
Read more at : The Times Of India