Nitin Fire Protection Industries has acquired 40% stake in a Dubai based fire protection company New Age Company LLC. The stake has been taken in the company’s 100% subsidiary Nitin Venture FZE, UAE.
New Age Company has taken several projects like municipality, airport development board, port authority, telecommunication sites, cement plant, Ministry of education and civil defence. It has also got major local civil defence license and registrations with staff over 100 personnel employed by the company.
For year ending financial year 2007-08, the company made net sales of 44 crore and net profit 17%. On this Acquisition CMD comments that this acquisition shall give company good boost in UAE Market. The company expects 20 to 25% growth year on year in this company.