Mumbai, Mar 12 (PTI) Hyderabad-based Pitti Engineering on Tuesday said it will acquire Bagadia Chaitra Industries at an enterprise valuation of Rs 125 crore.

As part of the deal, Piti will infuse up to Rs 40 crore as funding into Bagadia to repay its existing debt, the companies said in a statement.

Also Read | Who Is Nayab Saini? All You Need To Know About BJP Leader Set To Be New Haryana CM.

Karnataka-based Bagadia is a manufacturer of electrical laminations and aluminum die cast rotors for AC/DC motors, alternators, pumps, home appliances, electrical vehicles, etc, and has most of its clients in the southern markets.

Its Tumkur manufacturing facility has an installed capacity of 18,000 tonne per annum.

Also Read | CAA: List of Documents Required To Apply for Citizenship in India Under Citizenship Amendment Act.

The acquisition will help Piti broaden its presence in the southern markets, apart from aligning with its inorganic growth strategy, and will provide enhanced operational strength, Akshay Pitti, vice-chairman and managing director of Pitti Engineering, said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)