Raymond Group forays into aerospace, defence and electric vehicle sector
Indian branded fabric firm Raymond Group has forayed into the aerospace, defense, and electric vehicles (EV) components business with the acquisition of a 59.25 percent stake in Maini Precision Products Limited (MPPL). The stakes are purchased for Rs 682 crore.
With the acquisition, Raymond Group wants to bolster its engineering business. The deal will be concluded through Ring Plus Aqua Limited, an arm of JK Files and Engineering Limited, forming a new subsidiary. This acquisition will be funded by a mix of debt and internal accruals.
Also Read: Godrej Consumer To Buy Raymond's FMCG Business For Rs 2,825 Crore