Mumbai, Nov 3 : Raymond Group has announced the acquisition of 59.25 per cent stake in Maini Precision Products Limited (MPPL) for ₹682 crore funded by a mix of debt and internal accruals. AdvertisementThis acquisition is a strategic move to further strengthen Raymond’s existing engineering business with a complementing business that has presence in the sunrise sectors of Aerospace, Electric Vehicles (EV) and Defense. Post the acquisition, Raymond will consolidate JK Files, RPAL and MPPL business and will form a new subsidiary (“Newco”). Raymond Ltd. will hold 66.3 per cent in the “Newco” that will focus on precision engineering products. Commenting on the development, Gautam Maini said “I am delighted to lead Raymond’s consolidated Engineering Business.

Source: Economic Times November 03, 2023 15:53 UTC