Atlas Copco to sell controlling stake in Revathi Equipment
22 apr 2002
Stockholm, Sweden, April 22, 2002 - Atlas Copco has entered into a definitive agreement with Utkal Investments to sell its 40% shareholding in mining equipment manufacturer Revathi Equipment Limited (Revathi), India. The company had annual revenues of approximately MSEK 100 in 2001.
Revathi is listed on the Mumbai Stock Exchange. In accordance with Indian regulations, Utkal has announced its agreement with Atlas Copco and will make an offer to the other shareholders in Revathi. Closing will take place after such procedures have been finalized. It is anticipated that closing will take place during 2002. The sale is also subject to approval from Indian authorities. CONTACT: Göran Gezelius, Senior Executive Vice President, Business Area Industrial Technique, + 46 8 743 8505, [email protected] Annika Berglund, SVP Group Communications, Atlas Copco AB, + 46 8 743 8070, mobile + 46 70 322 8070, [email protected] Atlas Copco is an international industrial Group with its head office in Stockholm, Sweden. In 2001, the Group had revenues of SEK 51 billion, with 98 percent of revenues outside Sweden, and close to 26.000 employees. The Group produce and market compressed air equipment and generators, construction and mining equipment, electric and pneumatic tools, assembly systems, and offers related service and equipment rental. The Group owns famous brands like RSC, Milwaukee, Chicago Pneumatic and AEG Power Tools. More information can be found on the web site: www.atlascopco-group.com. Atlas Copco has a large operation in India. Atlas Copco (India) Ltd. is a leading industrial company in India, listed on the stock exchange in Mumbai, with annual revenues of more than MSEK 500. In 2001, Atlas Copco AB, Sweden, increased its shareholding in Atlas Copco (India) to above 50%.