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By CNBCTV18.com Mar 13, 2023 11:00:41 AM IST (Published)
CS Industrial Services will act as an exclusive dealer/distributor for Elgi Compressors USA, for the sale of ELGi branded compressors in the Western New York region.
Elgi Equipments, a company engaged in manufacturing and trading of air compressors, on Friday announced that its US subsidiary has acquired a 33.33 percent stake in CS Industrial Services LLC to expand its reach in the US market.
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The total cost to acquire both class A and class B shares is worth $1,25,000. The all-cash transaction is likely to be executed by the end of this month.
Interestingly, according to the notification by Elgi Equipments, CS Industrial Services is a new company that is yet to commence business operations.