Weir Group Plc announced it had completed its takeover of BDK Engineering Industries Ltd’s valves business. Weir Group Plc, the UK based engineering major will undertake the investment in the Karnataka based family business for an undisclosed amount. BDK Engineering Industries Ltd is a family business based in Karnataka and manufactures valves for the oil and gas, petrochemical and power markets.

The UK firm is now poised to take over the valves operations of BDK with this investment. The business generated sales of Rs 1.52 billion in the year till March 31, 2010 with gross assets of Rs. 1.22 billion. Weir Group Plc chief executive officer Keith Cochrane said the acquisition of BDK Valve operations further strengthens the firm’s emerging market footprint.

BDK’s range of valves will enhance Weir’s global customer offering and its Indian sales network will provide an additional route to market for many of our existing products. On his part, BDK founder Bharat Khimji noted his family’s role in the development of the firm’s impressive growth and expansion, saying the family has developed BDK over the last 30 years into an internationally recognized valves manufacturer.

He further said the investment is welcome, as it entrusts the next stage in the growth of the business to an engineering group of Weir’s global standing. BDK Engineering Group is convinced that this is an excellent outcome for customers and employees, added Bharat.

The Weir Group plc is a British engineering company headquartered in Glasgow, Scotland. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.  Weir employs in the region of 9,000 people globally and is well established in all three of its chosen higher growth markets: Minerals, Oil & Gas and Power.

Operating in over 40 countries, the firm’s businesses are supported at Group level by management, training and research and development resources, both through its Scottish headquarters and through regional, product-focused centers of excellence around the world.

BDK is one of the leading Valve manufacturing companies from India since 1984. Its total annual turnover is in excess of US $ 40 Million. The firm has a network of 15 offices and a total manufacturing strength of more than 500 people. BDKEI designs & Manufactures Gate valves, Globe Valves, Check Valves, Ball valves, Butterfly valves, Plug valves, Diaphragm valves, PFA/FEP lined valves, needle valves.

Tags: Engineering industry, FDI India, foreign direct investment, foreign direct investment India, India FDI, India investments, investments India, Karnataka India

This entry was posted on Wednesday, October 20th, 2010 at 4:26 am and is filed under FDI Statistics India, FDI news India, General. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.