Mumbai: Greaves Cotton has acquired 100-per cent stake in German firm Bukh-Farymann Diesel GmbH (Bukh-Farymann) through its wholly owned subsidiary Greaves Cotton Netherlands B.V for an enterprise value of approximately €4.24 million.

The acquisition includes existing debt of approximately €1.59 million, the company informed the BSE. Bukh-Farymann, engaged in the manufacture and marketing of Farymann diesel engines and components, is a profit making company. Greaves said the acquisition would facilitate its global plans and also boost export initiatives.

Thapar group company Greaves Cotton is a well-diversified engineering company. Its business operations include power generation, agro-equipments, light engines and infrastructure equipments, besides an independent division, marketing high technology systems for marine, aviation and electronic applications.

Established in 1859, the company has core competencies in diesel / petrol engines, gensets, agro equipment and construction equipment.