Pune based Thermax Ltd has acquired the steam division of Virgo Valves and Controls Ltd and its German Subsidiary Company Rifox Hans Richter GmbH for R12.39Cr.

Virgo Valves and Controls Ltd was incorporated as a 100% EOU in 2004 as a wholly owned subsidiary of Virgo Engineers Ltd. Virgo Engineers Ltd was incorporated as Virgo Engineers Private Limited in June 1987 and was changed to a public limited company in February 1995. Till 1989, the company was in the business of trading in control flow products.

In 1990, the company set up its first manufacturing facility for design and manufacture of automation systems in Pune, Maharashtra. It also started distributing actuators and accessories for Mecair, Italy. Thereafter, it backward integrated and started manufacturing ball valves, butterfly valves, gate valves and check valves in Pune, Maharashtra. In late 2006, Virgo set up a manufacturing plant at Pogliono, Italy to manufacture large diameter ball valves for global distribution.

In 2006, Tano Capital invested $10 Mn in Virgo Engineers which planned IPOs in both 2008 and 2010 but the IPO never happened.

Headquartered in Bremen, Germany, Rifox has a tradition of over 60 years in manufacturing steam efficiency products for a wide range of industries. Its core products are various types of steam traps and vent valves, with highest pressure up to 250 kg/cm2 and temperature up to 530º C. Rifox is also a known brand in specialty products for compressed air, pressurised gas and pressurised liquid systems.

Rifox has a strong presence in Germany and the European markets. The group has manufacturing locations in 4 countries and over 900 employees worldwide.Thermax Ltd offers solutions in the areas of heating, colling, power, water and waste management, air pollution control and chemicals. It has 120 patents, 82 national and 16 international trademarks.

In November 2010, Thermax acquired European boiler manufacturer Danstoker A/S and its German unit Omnical Kessel for $42Mn.

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