Elgi Equipments announced on Wednesday that Rotair Spa has invested 10,000 Euro in the share capital of ELGI COMPRESSORS SOUTHERN EUROPE SRL by way of Euro 9,000 in cash and Euro 1,000 in kind.
Rotair Spa is a wholly-owned subsidiary of Equi Equipments in Europe.
Earlier, Rotair Spa had formed a wholly owned Subsidiary Company in Europe by name “ELGI COMPRESSORS SOUTHERN EUROPE, SRL.” in Italy.
The newly formed entity will host the Italian sales support team of Rotair, Spa in Italy that is related to the Electric Powered Screw Air Compressors business, with an objective of promoting this business in that area in a more focussed manner.
On Sensex, Elgi closed flat at Rs218 per piece compared to previous closing.