Doosan buys Indian boiler maker for 21 mil. euros

Doosan Heavy Industries & Construction Co., South Korea's leading power equipment maker, said Monday that it has signed a deal to purchase an Indian boiler maker for 21 million euros ($28.5 million).

The purchase of AE&E Chennai Works will help Doosan Heavy expand into India's utilities market, the South Korean firm said.

In November last year, it won a 100 billion won ($893 million) deal to provide equipment to be used at a power plant to be built in India.

Doosan Heavy is expected to win more contracts from India as the country is actively building power plants.

Shares of Doosan Heavy closed at 82,300 won on the Seoul bourse on Friday, unchanged from the previous day's close. (Yonhap)