Business Standard

Board of Elgi Equipments approved divestment of stake held in JV

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At meeting held on 27 May 2024
The Board of Elgi Equipments at its meeting held on 27 May 2024 has approved the divestment of entire stake held by the Company's wholly owned subsidiary, Elgi Compressors USA Inc (Elgi USA), in its Joint Venture CS Industrial Services LLC, USA, to the existing joint venture partners.
The Joint Venture Partners have expressed their interest to buyout the investment of Elgi Compressors USA Inc (Elgi USA) in CS Industrial Services LLC as per the terms of the operating agreement. The formalities under the operating agreement and the actual closure are expected to be completed by 30 June 2024. As per the terms of the operating agreement, post divestment of Elgi USA's stake, CS Industrial Services LLC shall be the exclusive distributor to sell, maintain and service ELGi branded oil flooded rotary screw category products for a period of five years.
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First Published: May 27 2024 | 8:00 PM IST

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