Raymond's bet: Be in top-3 or exit

"As we evaluated, we found this to be most complimentary to our existing business. We have been running JK Files and Engineering (JKFEL) for more than 65 years and the auto components business for more than 20 years. JK Files is among the top three players globally. However, engineering is not a very high growth sector, and we wanted to grow it at a faster pace and hence this acquisition fits very well with our strategy,” Agarwal said. This would help the group foray into EV, defence and aerospace, which is a natural extension to its engineering business. The acquisition will be concluded through Ring Plus Aqua (RPAL), a subsidiary of JKFEL. JKFEL is a wholly-owned subsidiary of Raymond. Post the acquisition, Raymond will consolidate JK Files, RPAL and MPPL into a new subsidiary, in which it will hold a 66.3% and the remaining will be held by MPPL founder Gautam Maini.

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