Elgi Equipments Ltd's subsidiary in USA forms JV company Gentex Air Solutions, LLC

Elgi Equipments Ltd's Wholly Owned Subsidiary in USA, "Elgi Compressors USA Inc." has formed a Joint Venture Company in USA by name "Gentex Air Solutions, LLC." as a North Carolina Limited Liability Company, along with James Gery and Diego Hernandez.

Elgi Compressors USA Inc. has invested 95,000 USD (Ninety Five Thousand USD) in the share capital of Gentex Air Solutions, LLC. The newly formed entity will host the sales force for the Dallas, Texas area of USA with an objective of promoting ELGi's products in that area.

Gentex Air Solutions LLC, will function as an exclusive dealer / distributor for ELGi Compressors USA Inc., (wholly owned subsidiary of Company) for the ELGi rotary and screw compressors in the Dallas, Texas area of USA.

Shares of ELGI EQUIPMENTS LTD. was last trading in BSE at Rs.213.9 as compared to the previous close of Rs. 215.1. The total number of shares traded during the day was 12903 in over 664 trades.

The stock hit an intraday high of Rs. 219.8 and intraday low of 211.1. The net turnover during the day was Rs. 2776472.

Source : Equity Bulls

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