Pawan Kumar Ruia, who owns Dunlop and Jessop & Company, has finally achieved his goal of making an overseas acquisition.
Ruia has bought 30% in Malaysian firm Industronics Berhad for an undisclosed sum. Industronics manufactures display boards, rail and traffic signalling systems. It is a listed outfit in Malaysia, has subsidiaries in China, Singapore and Vietnam, and has undertaken electronics projects globally.
“We acquired the company three months back but did not disclose it for technical reasons. The group has formed a SPV called Bloom Billions to buy Industronics shares. Bloom Billions is owned by two investment outfits belonging to the group,”Ruia said. The Malaysian firm’s existing promoters would hold 21% even after the Ruia stake buy. The rest of Industronics is owned by the public.
Ruia said the decision to buy into Industronics was prompted by the synergy of operations with Jessop. “Jessop is an engineering giant, while Industronics is best known as a total solutions provider for state-of-the art public information system under Olympex brand and has expertise in traffic and ail signalling systems. So, it will be a win-win situation for both,”he added.
Industronics posted a turnover of Rs 110 crore in the last fiscal. It has completed projects like Kuala Lumpur International Airport and Bangkok airport. Industronics is executing projects in US, Australia, Vietnam and Indonesia. “I foresee substantial business accruing from India for Malaysian outfit in near future. Keeping in mind the huge investment in logistics, we are planning an Indian arm of Industronics in future,”Ruia said.
Source: Times of India