Ingersoll Rand India, a subsidiary of Ingersoll Rand USA, seems to be living up to the adage. In August 2005, Ingersoll Rand Company announced its intention to purchase the outstanding shares of its Indian subsidiary Ingersoll Rand India at a price of Rs 325 a share, but the investors refused to part with their shares then. According to sources, the company is likely to come up with a revised open offer at Rs 420 per share. The promoter already holds 74% stake in the company. Market watchers say that the company has close to Rs 550 crore in its balance sheet.
The news seems to be logical, as Ingersoll has been selling off its business for quite some time now. In the first half of FY08, Ingersoll Rand India sold off its road development business to Volvo India and its utility attachments and bob cats division to Doosan Infracore India, a subsidiary of Doosan Korea in Q2 of FY08. It is, currently, in the air solutions business, comprising of reciprocating compressors, centrifugal compressors and system components.
The company’s annual general meeting is scheduled for August 22 and whether this August is any better for the company than the one of 2005 is something we all will watch out for.