New Delhi, May 14

Air-conditioner coil-maker Lloyd Electric and Engineering Ltd (LEEL) has acquired the Czech company Luvata Czech s.r.o. in Prague, through a special purpose vehicle for an undisclosed amount.

The acquisition of the world’s second largest manufacturer of heat exchangers for the heat ventilation air conditioning and refrigeration (HVACR) industry by LEEL will add teeth to its plans to gain a significant market share in the European and Russian market.

“The acquisition has been made through our special purpose vehicle Lloyd Coils Czech s.r.o. It will add synergy to our existing business as it represents an opportunity for us to strengthen our product offering in the over $60 billion global HVACR equipment market,” Mr Brij Raj Punj, Chairman and Managing Director, LEEL, told Business Line.

Luvata Czech, a fully-owned entity of Luvata Holding OY, manufacturers customised finned pack heat exchangers (coils) serving the HVACR industry all over Europe.

The five largest players in coil manufacturing hold a combined market share of approximately 56 per cent and Luvata is one of them.

Last year, LEEL had raised $ 25 million through a GDR issue. “The acquisition and expansion plans of the company have been funded through the GDR mop up,” he added.

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