Elgi Compressors form a joint venture

Elgi Equipments informed the exchanges that its wholly-owned subsidiary, Elgi Compressors USA Inc, has formed a joint venture company with Bryan Becker, Managing Partner of the LLC.

The company was formed on March 19, 2020 but the intimation from USA has been received recently by the company. Delay in the intimation can be attributed to the disruptions caused by Coronavirus and the subsequent lockdowns prevailing in USA and India. The company also added that Elgi Compressors USA Inc, which is the wholly-owned subsidiary of Elgi Equipments, is yet to invest in the joint venture. Hence detailed information about the joint venture company will be given post the investment is made by Elgi Compressors USA Inc. in the LLC company.

Elgi Equipments Limited is engaged in the manufacturing of air compressors and offers a range of compressed air solutions from oil-lubricated piston compressors, portable compressors, oil free compressors, accessories, heat recovery system and railway compressors, operating in two business segments namely air compressors and automotive equipments.

On Monday, the stock of the company closed at Rs 128, down by 0.08 per cent or Rs 0.10 per share. The 52-week high is Rs 309.60 and 52-week low is Rs 102.25.