mg technologies ag Strengthens Presence in the Indian Growth Market
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Niro A/S, a Danish subsidiary of mg technologies ag, has acquired the remaining 50% of L&T-Niro Ltd. in India and the food Division of its long-term Indian joint venture partner Larsen & Toubro Ltd.
Niro A/S, a company of mg's Process Engineering Segment, is now the sole shareholder of the former L&T-Niro Ltd. joint venture in Gujarat, India. At the same time, L&T-Niro Ltd. took over Larsen & Toubro's Food Division which develops and supplies manufacturing facilities for the food and dairy industries.
The effective date of both transactions is 1 April 2005. Following the takeover, L&T-Niro Ltd. employs a total of 75 persons and generates annual revenues of over 20 million Euros.