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In a regulatory filing made to the London Stock Exchange, the company said “.. It is in discussions to acquire a 75 per cent interest in the industrial chain business of LG Balakrishnan & Bros Ltd (LGB).”
The remaining 25 per cent stake in the business would be retained by LGB, which is listed on Indian bourses, the filing added. LGB would provide an established manufacturing base and sales distribution network. “This network would enable Renold to promote its existing product range into India's rapidly growing market place as well as exploit new product, market and export opportunities,” the filing said. Renold Plc, which expects to announce its FY'08 results on June 25, said that the deal would come into effect with the attainment of the required regulatory and LGB shareholders approval. Last year, the company had acquired China-based Renold Hangzhou. The principal activities of Renold Group include manufacturing and sale of industrial chains and related power transmission products. |
Source: Business Standard