Atlas Copco AB, Sweden, a leader in construction and mining equipment will acquire all outstanding shares in its Indian subsidiary Atlas Copco India Ltd and delist its shares.
The board of Atlas Copco India Ltd at its meeting today approved the proposal by the promoter group to acquire all outstanding shares of the company at an floor price of Rs1,426 a share, the company said in a filing with the Bombay Stock Exchange (BSE).
Atlas Copco, a world leader in the manufacture of compressors, construction and mining equipment, power tools and assembly systems, celebrated 50 years of its presence in India in September this year. India is also the company's fifth largest market.
The company has state-of-the-art manufacturing facilities for compressors in Pune and for construction and mining equipment in Nashik.
Earlier last month the company inaugurated a new factory for drill bits in Hyderabad, which will serve the world market.
Atlas Copco has an all-India presence with over 1 700 employees in 22 offices across the country.