Mumbai, Jan 2 (IANS) Bharat Forge Limited (BFL) Friday said the German subsidiary of the company has acquired 100 percent equity shares of French precision machining firm Mecanique Generale Langroise (MGL) for euros 11.8 million.
According to the company, the acquisition is largely focused on further consolidating BFL's position in the oil and gas space by enhancing service offerings and geographical reach.
The French firm MGL is a technology oriented company with focus on precision machining and other high value added processes like cladding for critical application in the oil and gas industry.
"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" the company's chairman and MD Baba N. Kalyani said.
BFL also hinted at forthcoming global acquisitions or expansions.
"This is the first among many opportunities we are looking at addressing in North America, North Sea area and Middle East", the company said in a statement.
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