Pitti Engg to acquire Bagadia Chaitra

Hyderabad: Pitti Engineering Limited (PEL) has signed an agreement with Bagadia Chaitra Industries Private Limited (BCIPL) and its shareholders to completely acquire the equity share capital of BCIPL at Rs 124.92 crore. As part of the overall consideration, PEL will infuse up to Rs 40 crore as funding into BCIPL to repay the existing debt in BCIPL. Akshay S Pitti, Vice-Chairman & MD, PEL, said: “The acquisition of BCIPL is strategically relevant, it provides enhanced operational strength and adds customer base.”