Sujana Universal Completes Due Diligence for EBC Bearings

Resource from: CBCC Likes:2994

Sep 20,2010

Sujana Universal Industries (SUIL) announced that it has completed the process of due diligence for acquiring EBC Bearings (EBC). EBC, promoted by a Singapore based entity has set up a manufacturing facility in Hyderabad for the manufacture of medium and large sized bearings. This plant is yet to commence operations. SUIL's Light Engineering Components division presently has capacity of 10 mn to manufacture ball and taper bearings up to 300 mm. The acquisition of EBC will enable SUIL to expand the product range up to 700 mm and will facilitate meeting the demand for large bearings in India which is presently being met almost entirely through Imports. It will also give it technical edge in significantly enhance its profile in the Bearings market as provider of wide range of ball and taper bearings for a variety of applications. EBC Bearings is proposed to be merged with SUIL for which SUIL will initiate necessary steps shortly. Shares of the company gained Rs 0.35, or 3.49%, to trade at Rs 10.38. The total volume of shares traded was 75,083 at the BSE (11.47 a.m., Monday).

(CBCC)

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