Leading men's wear producer Raymond Limited announced a proposal to acquire a controlling interest in an auto component manufacturing company, Ring Plus Aqua Limited (RPAL) through a wholly-owned subsidiary company Scissors Engineering Products Limited .
The acquisition price for the initial 69.17% stake to be acquired from some of the original promoters and the institutional funds is Rs 21.05 crores.
Raymond Limited has a significance presence in the engineering files & tools as it is the through its division - J K Files & Tools, a world leader in the segment. This acquisition will enable the group to have a ready platform to capture the immense emerging opportunity in the Indian auto components industry by leveraging its existing engineering skills.
RPAL, an unlisted company with a paid-up equity share capital of Rs. 7.61 crores, is engaged in the manufacture of starter ring gears and integral shaft bearings having its manufacturing facilities at Sinnar, near Nashik, Maharashtra.
RPAL had a turnover of Rs.63.33 crores last year. The company has good manufacturing processes with accredited quality certification backed up by professional management. RPAL has a stable customer portfolio of OEMs & Tier 1 suppliers both in the domestic and international markets.
Mr. Gautam Hari Singhania, Chairman and Managing Director, Raymond Limited said “the Group's strategy is to become a key player in the Indian engineering industry which has an India advantage and in which the group already has a global presence through its existing engineering files and tools division.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
