New Delhi: Auto component maker Bharat Forge on Friday said it has acquired France-based Mecanique Generale Langroise for 11.8 million euros (around Rs 90 crore).
CDP Bharat Forge GmbH, a 100 per cent Germany-based subsidiary of Bharat Forge Ltd (BFL), has acquired 100 per cent equity shares of Mecanique Generale Langroise (MGL), the Pune-based firm said in a filing to the BSE.
The MGL transaction value is Euro 11.8 million, it added.
"The acquisition of MGL is in line with our strategy of moving up the value chain in the industrial business. This acquisition enhances BFL's ability to provide turnkey solution and simultaneously strengthens the product offering in the oil and gas sector," BFL CMD Baba N Kalyani said.
Saint Goesmes-based MGL focuses on precision machining and other high value processes like cladding for critical application in the oil and gas industry.
It also supplies turnkey components for drilling applications in addition to components for power sector.
"MGL primarily caters to premium oil and gas customers, all of whom are already customers of BFL," the company said.
BFL shares were trading at Rs 953.20 apiece on the BSE, up 1.53 per cent from its previous close.