Electrosteel Castings Ltd Acquires 100% Shareholding of T.1.S Services S.p.A for Euro 15 Million

Electrosteel Castings Ltd has executed a Share Purchase Agreement (SPA) with T.l.S Group S.p.A to acquire 30,00,000 shares of Euro 1 each, representing 100% shareholding of T.1.S Services S.p.A based in Italy. T.1.S Services S.p.A, along with its subsidiaries, is a leading international designer, manufacturer and marketer of Valve and Equipment for water mains services, sewage treatment plants and hydroelectric power stations. The aggregate consideration for the acquisition is Euro 15 million. The transaction is expected to close by 6 to 9 months and is expected to bring more strategic and operational efficiency for the Company in its domestic and export market.