Germany’s Norma Group has signed an agreement to acquire Nashik-based Kimplas Piping Systems Ltd., an equipment manufacturer for the micro-irrigation and auto industries. While the companies did not disclose the deal size, sources close to the development pegged it at about Rs.500 crore.
Kimplas — set up in 1996 — is a manufacturer of electrofusion, compression fittings valves and proprietary equipment for micro-irrigation Industry. Ccompany, which has 690 employees, posted revenues of about Rs.175 crore for the financial year ended March 31, 2018. “We are expanding our expertise in water management solutions in the fast growing Indian market by adding Kimplas’ products to our portfolio.