Lu-Ve S.p.A. has acquired Spirotech Heat Exchangers Private Limited, a leading Indian company engaged in the production and sale of heat exchangers. Lu-Ve, through its
subsidiary Lu-Ve India, has acquired 95% of the share capital of Spirotech, with the option to acquire the remaining 5% owned by S. Srinivasan, one of the founding partners,
who will continue as the Managing Director. The other founding partner, Rajeshwar Kumar Malhotra, will continue as Chairman of the Board of Directors. A presentation to
the market was made by Lu-Ve on October 11 in Nuremberg during Chillventa 2016, in the presence of Rajeshwar Kumar Malhotra, Matteo Liberali (CEO, Lu-Ve Group) and Fabio Liberali (Chief Communications Officer, Lu-Ve Group). The equity capital of Spirotech has been valued at €33.6 million. In the financial year ending March 2016, Spirotech registered a turnover of approximately €21 million, with an EBITDA of €4.5 million and a net profit of €2.2 million.