Raymond Group to acquire 59.25 pc stake in Maini Precision Products for Rs 682 crore

New Delhi: Raymond Group on Friday said it will acquire a 59.25 per cent stake in Maini Precision Products Ltd for Rs 682 crore to further strengthen its existing engineering business. Maini Precision Products Ltd (MPPL) has a presence in aerospace, electric vehicles and defence. The acquisition is being funded by a mix of debt and internal accruals, Raymond Ltd said in a regulatory filing. "This acquisition is a strategic move to further strengthen Raymond's existing engineering business with a complementing business that has a presence in the sunrise sectors of aerospace, electric vehicles (EV) and defence. The consolidated business caters to the top global OEMs (Original Equipment Manufacturers) and Tier 1 manufacturers across aerospace, defence, auto and industrial businesses," it added. Further, Raymond said the acquisition will be concluded through Ring Plus Aqua Ltd (RPAL), a subsidiary of JK Files and Engineering Ltd (JK Files).