Banco Products India Ltd., leading manufacturer of radiators announced acquisition of 100 % shares of a Netherland based company i.e Nederlandse Radiateuren Fabriek B.V.(NRF) in Mill, for a sum of Euros 17.7mn.

NRF has been owned up until now by a subsidiary of a major US manufacturer and distributor Proliance which is in Chapter 11 proceedings in USA. Banco has taken over the company in Brabant clear of all liens, claims and encumbrances.

Banco has been a supplier to NRF B.V for more than 15 years and is familiar with its market, products and management. Banco will benefit from its familiarity with the European Market as well as NRF’s supply relations with European OEMs. Banco will be able to leverage its design and manufacturing skills with NRF’s market presence and its niche product range in marine coolers into shipbuilding industry in India and South East Asia.

This strategic long-term investment by Banco will enable both companies to increase business substantially in marine and OEM business sectors. NRF will continue to be managed independently as a separate stand-alone company with management located in Netherlands.