German firm buys stake in Delhi-based unit for 3 million pounds

The company’s shares listed on the National Stock Exchange and the Delhi and Calcutta bourses have been infrequently traded and depending on the response to the open offer, the new management may consider delisting the company, it said in a public announcement here today.

The Indian acquisition follows Voith’s worldwide takeover of the Scapa Group’s paper machine clothing, paper machine roll covers, industrial rolls and service businesses.

The acquisition would enable the Voith group, which is a global player in the business of paper technology and paper machine clothing products, to provide a complete range of products and services to the paper industry.

The acquisition of the Scapa businesses would produce faster growth and is a more efficient use of resources than Voith seeking to grow its businesses alone, it said.

Voith intends to integrate these newly acquired business sectors with the existing divisions of the group which would further improve its world market position and achieve significant economies of scale.