Mumbai: Asahi India Glass Ltd has teamed up with four investors to acquire Timex Group Precision Engineering Limited, the Indian subsidiary of Timex Nederland B.V for an undisclosed sum. The serial entrepreneurs who have come together to forge the partnership include Sanjay Labroo who heads Asahi India and Kabir Bhandari of Padmini VNA Mechatronics. The other two are: ex Deutsche Bank managing director Rahul Mookerjee who is with YoNao Capital and Kapil Kapoor, who was previously with Timex India, and now with Info EdgeThey will go for a 100 per cent buyout of Timex Precision, whose parent is part of Timex Group BV, one of the world's leading watch makers. Timex Precision was started by Timex for captive production of precision engineered parts to be used in watches. Timex Precision posted a turnover of over Rs 58 crore in 2016-17.

Source: The Telegraph December 01, 2017 19:30 UTC