Prince Pipes and Fittings Limited has signed an asset purchase agreement to acquire Aquel brand and assets of Klaus Waren Fixtures Private Limited from Klaus Waren Fixtures Private Limited and Narshi Mulji Shah for INR 550 million.

Prince Pipes and Fittings Limited (NSEI:PRINCEPIPE) has signed an asset purchase agreement to acquire Aquel brand and assets of Klaus Waren Fixtures Private Limited from Klaus Waren Fixtures Private Limited and Narshi Mulji Shah for INR 550 million on March 20, 2024. The board of Prince Pipes and Fittings Limited has approved the transaction. The acquisition is subject to approval of Collector Office, Revenue Branch, Bhuj, Gujarat.

The acquisition is to be done in two tranches in which the first tranche of the acquisition of the relevant assets is to be completed within 10 days from execution of agreement and the second tranche of the acquisition of the relevant assets to be completed by October 15, 2024. The acquisition is funded through internal accruals.