GEI Industrial System has acquired 18.43 lakh equity shares of GEI Power Limited aggregating to 82.17% of its paid up share capital, at a price of Rs 70.50 per share.

Pursuant to aforesaid acquisition, GEI Power Limited has become a wholly owned subsidiary of the company.

GEI Industrial specializes in the manufacture of a range of air-cooled heat exchangers and steam condensers for oil and refinery, power and gas compression businesses.

Yesterday, GEI Industrial Systems has received approximately Rs 10.9 crore private equity investment from Banyan Tree Growth Capital L. L. C., Mauritius.