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BENGALURU: Raymond group has acquired a 59.2% stake in Maini Precision Products for Rs 682 crore through a combination of debt and internal accruals. The transaction will be subject to regulatory approvals and is expected to be completed during the current fiscal.
This acquisition is a strategic move to strengthen Raymond’s existing engineering business.The consolidated business will cater to the top global original equipment manufacturers and tier-1 manufacturers across aerospace, defence, auto and industrial businesses.
The acquisition will be concluded through Ring Plus Aqua (RPAL), a subsidiary of JK Files and Engineering. After the acquisition, Raymond will consolidate JK Files, RPAL and Maini Precision Products businesses and will form a new subsidiary Raymond will hold 66.3% in the new company that will focus on precision engineering products. Gautam Maini, the founder of Maini Precision Products, will lead the consolidated engineering business.
This acquisition is a strategic move to strengthen Raymond’s existing engineering business.The consolidated business will cater to the top global original equipment manufacturers and tier-1 manufacturers across aerospace, defence, auto and industrial businesses.
The acquisition will be concluded through Ring Plus Aqua (RPAL), a subsidiary of JK Files and Engineering. After the acquisition, Raymond will consolidate JK Files, RPAL and Maini Precision Products businesses and will form a new subsidiary Raymond will hold 66.3% in the new company that will focus on precision engineering products. Gautam Maini, the founder of Maini Precision Products, will lead the consolidated engineering business.
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