Symphony Ltd, the world’s largest air cooler company based in Ahmedabad, has acquired a Chinese air cooler company for Rs 1.5 crore, official sources said on Thursday. This acquisition will facilitate Symphony’s access into China.

The company has signed an equity transfer agreement with shareholders of Munters Keruilai Air Treatment Equipment (Guangdong) Co. Ltd (MKE), China to acquire 100 percent of the equity share capital of MKE.

MKE has a 32,850 square meter of leased manufacturing facility in Dongguan City in Guangdong Province in Southern China and employs more than 140 employees. The company came into existence in 2011 as a joint venture merger between Donggua Keda Electrical Mechanical Equipment Co. Ltd and Swedish Company Munters AB. Subsequently, Munters acquired 100 percent equity of MKE.

Commenting on the acquisition in China, Achal Bakeri, CMD, Symphony Ltd said, “With this synergistic acquisition we are confident that this will help us in expanding into new markets and geographies.”

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