Acquisition takes off

In a deal worth $16m (£9.2m), Bangalore-based

has acquired

, a profitable high-end precision-engineering company in

which manufactures aerospace components and tooling.

This acquisition will provide Dynamatic with a five-axis machining manufacturing facility that is located close to the production facilities of its customers in Bristol - Airbus, Agusta Westland and GKN Aerospace.

Dynamatic is Asia's largest producer of hydraulic gear pumps. It also manufactures a wide range of hydraulic valves and custom-tailored hydraulic systems - from simple hydraulic pumps to more sophisticated marine power packs.

In addition, it also produces non-ferrous alloy castings for industrial, automotive and aerospace applications at two foundries in Bangalore and Chennai.

With the purchase of Oldland, it hopes to grow its aerospace business both in India and in world markets.