The Competition Commission of India (CCI) has approved the transaction inter alia envisaging the acquisition of 59.25% shareholding in Maini Precision Products Limited (MPPL) by Ring Plus Aqua Limited (RPAL).
The proposed combination inter alia envisages the acquisition of 59.25% shareholding in MPPL by RPAL, the acquisition of the entire shareholding of JK Files & Engineering Limited (JK Files) in JK Talabot Limited (JKTL) by a wholly owned subsidiary of Raymond Limited (New Company), and merger of RPAL, MPPL and the engineering business of JK Files into the New Company.
Raymond Limited (Raymond) and its subsidiaries are engaged in manufacture 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, is engaged in the business of manufacturing, sale and distribution of hand tools, files and cutting tools; and importing and onward sale of power tools and power tool accessories. JKTL, a subsidiary of JK Files, is engaged in the engineering business together with JK Files. RPAL, a subsidiary of JK Files, is engaged in the business of manufacturing and exporting ring gears, flex plates, and water pump bearings.
MPPL is engaged in manufacturing precision products for different industries and manufactures products based on the design requirements of its customers.
Detailed order of the CCI will follow.
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NB/VM/KMN
