Diversified business conglomerate Raymond today said its auto component firm Ring Plus Aqua has acquired forging entity Trinity India for an undisclosed sum.
"Ring Plus Aqua acquired majority stake in Trinity India with the signing of the share transfer agreement with the promoters of Trinity in Pune today. The deal was funded through internal accruals and facilitated by Equirus Capital," Raymond said in a statement.
This acquisition will mark Ring Plus Aqua's entry into the forging industry, adding to its current portfolio of auto components such as flywheel ring gears, flexplate assemblies, integral shaft bearings and sheet metal pulleys.
Commenting on the development, Raymond President (Engineering Business) Harshal Jayavant said, "The acquisition of Trinity India is a significant milestone for Ring Plus Aqua as it marks our entry into Forged components. This move significantly strengthens the company's position in the global automotive power train domain."
Post this acquisition, the company is looking at an added revenue of Rs 80 crore during the current financial year, he said.
"Our expansion into forgings also provides us an opportunity to look at the fast developing non-auto sectors like power, aviation, defence and nuclear equipment," Jayavant said.
The Indian forging industry is estimated at about $2.9 billion, while the global industry is valued at over $115 billion, the statement said.
Ring Plus Aqua has a significant presence in automotive component world and supplies ring gears, water pump bearings and other applications globally to Cummins, CAT, Fiat, Tata Motors, Hyundai and Ford.
Trinity India is headquartered in Pune and has four manufacturing locations with an installed capacity of 12,500 tonnes. It employs about 400 people.
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