Kolkata-based cooling tower manufacturer Paharpur Cooling Towers has acquired Brussels-based SPX Cooling Technologies Inc's dry cooling business globally for $48 million (around Rs 320 crore) subject to adjustments for working capital.

The deal also includes SPX's stake in its joint venture with Shanghai Electric, China. A release issued by Paharpur said the transaction is expected to be finalised during the first half of 2016.
SPX's dry cooling is a leading supplier of highly engineered large dry cooling systems globally used in power plants.

SPX has one of the largest installed base worldwide with air-cooled steam condensers installed in over 200 power plants representing in excess of 130 GW of global installed power generation capacity. While the company's plants are in China, it has engineering, sales and operations in Belgium, USA, China and South Korea.

Paharpur's joint managing director Vikram Swarup said this strategic acquisition complements and strengthens the existing process cooling solutions business of the company . "With this acquisition, our combined strengths and resources will better serve our clients, creating further growth opportunities," he said.

Joint managing director Gaurav Swa rup said Paharpur will be in a position to offer the most advanced dry cooling technology to the Indian power generation industry, besides expanding its international footprint several times over. Pahaarpur Cooling Towers has over 45,000 installations supplied through several manufacturing facilities and also manufactures air-cooled steam condensers and heat exchangers.