CMD Achal Bakeri says Symphony is confident that this acquisition will help it in expanding into new markets and geographies

Ahmedabad: Ahmedabad-based air-cooler maker Symphony Ltd on Thursday said it has acquired Munters Keruilai Air Treatment Equipment (Guangdong) Co. Ltd (MKE) for ₹ 1.55 crore.

MKE made a loss of ₹ 7.08 crore in the financial year ended June and had sales of ₹ 36 crore. It is a market-leading brand in China, producing air coolers under the brand Keruilai.

MKE was formed as a joint venture in 2011 between Dongguan Keda Electrical and Mechanical Equipment Co. Ltd and a Swedish company called Munters AB. Subsequently Munters acquired 100% stake in the company.

Achal Bakeri, chairman and managing director, Symphony Ltd, said, “With this synergistic acquisition, we are confident that this will help us in expanding into new markets and geographies... We are possibly the only company from India which is selling its product under its own brand name of Symphony in 60 countries. We plan to further expand our reach and significantly increase our sales in the countries where we are already present."

In 2008, Symphony had acquired Mexico-based Impco Air Coolers.

Symphony expects a turnover of ₹ 56 crore by the end of this calendar year from the Chinese acquisition. The company has recently started operations from a special economic zone at Kandla in Gujarat and has another unit in Surat.

Symphony manufactures and sells close to 8 lakh units a year. The company sells about 25% of its products in overseas market.

“We eventually want our domestic and overseas sales to contribute equally to our business and hence we are increasing our overseas focus. I can’t give a time frame on when this will happen but this is our goal," Bakeri said.

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