Indian firm, Sintex Industries, through its step-down subsidiary Sintex Holding USA Inc, has acquired 81 percent stake in U.S.-based Wausaukee Composites Inc ( WCI) for 20.5 million U.S. dollars, news channel New Delhi Television (NDTV) reported on Friday.

WCI has presence in medical imaging, mass transit, industrial or agricultural equipment, wind energy, commercial furnishings, recreation and corrosion-resistant materials handling sectors.

Sintex's cost advantages coupled with the market reach and superior application technology of WCI could help both the companies to expand their product portfolios as well as market penetration.

"The acquisition will add to our consolidated topline as well as bottomline. It will enable the company to enhance its various skills in manufacturing and marketing of value added offerings," NDTV quoted Amit Patel, Managing Director, Sintex as saying.

Sintex creates building and construction products, products related to prefabricated buildings, and various electrical, industrial, consumer and custom moulding products.

Source: Xinhua