Thanks to SIMEST, the Milan-based company Aeromeccanica Stranich - one of the leading Italian manufacturers of industrial fans - has expanded its business to India.
SIMEST, which together with SACE forms the export and internationalisation hub of the CDP Group, will supply capital to a newco based in Hyderabad to support the Milanese company’s development plan for India.
SIMEST’s investment, equal to €1.4 million (49% of the newco’s share capital, including financing from the Venture Capital Fund, which SIMEST manages on behalf of the Ministry for Economic Development), will help finance the construction of a new plant for the manufacture and marketing of industrial fans and dust removal systems. The project follows up on the successful feasibility study funded by SIMEST in 2017: for Aeromeccanica Stranich, India is a priority market both for its size and the presence of numerous potential primary customers, such as large petrochemical, energy, steel and pharmaceutical groups.
Aeromeccanica Stranich Spa, which has been active since 1928, produces industrial fans for heavy duty applications, in particular for the petrochemical and steel sectors. It also designs and manufactures dedicated systems for the removal and abatement of gas emissions and dust.
In 2016, it had a turnover of €26 million, with 47 employees in its two factories at Sesto San Giovanni and Pioltello in the province of Milan.
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SIMEST is part of the CDP Group, 76% owned by SACE, with leading Italian banks and trade associations among its other investors. SIMEST and SACE form the export and internationalisation hub of the CDP Group, which offers the entire range of financial instruments to support Italian companies interested in competing and expanding internationally. In particular, SIMEST supports companies throughout their entire international development process, providing soft loans for internationalisation, export credit support and equity investments