New Delhi: The Competition Commission of India (CCI) has granted its approval for the proposed transaction, which includes the acquisition of a 59.25% shareholding in Maini Precision Products Limited (MPPL) by Ring Plus Aqua Limited (RPAL).
In this envisioned combination, RPAL is set to acquire a significant 59.25% stake in MPPL. Additionally, the transaction involves the complete acquisition of JK Talabot Limited (JKTL) by a wholly owned subsidiary of Raymond Limited (New Company), including the merger of RPAL, MPPL, and the engineering business of JK Files into the New Company.
Raymond Limited and its subsidiaries are actively involved in the manufacturing and sale of textiles, lifestyle products, branded apparel, hardware and tools, certain automotive parts, and real estate. JK Files, a wholly owned subsidiary of Raymond, specializes in the manufacturing, sale, and distribution of hand tools, files, cutting tools, as well as importing and onward sale of power tools and power tool accessories. JKTL, a subsidiary of JK Files, is engaged in the engineering business in collaboration with JK Files. Meanwhile, RPAL, a subsidiary of JK Files, focuses on manufacturing and exporting ring gears, flex plates, and water pump bearings.
Maini Precision Products Limited is dedicated to the manufacturing of precision products tailored to meet the design specifications of its customers.
With the CCI’s approval, the proposed transaction moves forward, marking a strategic move within the industry. The synergy between the involved entities is anticipated to bring about positive outcomes and contribute to the growth and development of the respective businesses.