Cholamandalam Investments
Tue, 02 Mar 2010 08:18:32 +0000
It plans to acquire remaining 22.87% stake of Financiere C10 on or before March 31, 2013.
Tube Investments of India Ltd (TII), the flagship company of the Rs 15,907-crore diversified Murugappa Group, is acquiring Financiere C10, a holding company of French firm Sedis SAS. TII is acquiring 77.13% shareholding in the firm from the financial investors and a few other shareholders, it said in a statement.
The company further acquire theplans to remaining 22.87% stake of Financiere C10 on or before March 31, 2013. The financials of the transaction were not disclosed.
Financiere C10 manufactures industrial and engineering class chains. The company currently has two manufacturing plants in France, and two other distribution companies, S2CI in France and Sedis Co Ltd in UK. S2CI and Sedis Co Ltd are its two wholly owned subsidiaries, added the statement.
Tube Investments says, the acquisition brings synergies to its business and will help it to strengthen its technological expertise globally. “With Sedis we aspire to create a strong European base which, together with our skills, will put us on the path to becoming a global industrial chains manufacturer,” M M Murugappan, chairman TII said in the statement.
Tube Investments manufactures bicycles and components. Its brands include Hercules, BSA and Philips. The company also manufactures precision steel tubes and strips, car door frames and automotive & industrial chains. It currently has 13 manufacturing and assembly units across the country, as per the information available on the company website.
The company also has interest in the services sector through its investments in Cholamandalam Investment and Finance Company Ltd and Cholamandalam MS General Insurance Co Ltd.
In the December quarter, net sales of the company were at Rs 584 crore against Rs 429 crore a year ago. The net profit was Rs 64.97 crore against Rs 3.27 crore.
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