Maini: Textile firm Raymond bolsters engineering unit with $82-million deal

Textiles maker Raymond on Friday said it will buy a majority stake in automotive firm Maini Precision Products Limited (MMPL) for 6.82 billion rupees ($81.91 million), to bolster its engineering business. Raymond will buy a 59.25% stake in MMPL, which has 11 manufacturing facilities across India in aerospace, and automotive and industrial verticals. The deal comes months after Raymond made a shift in its core business as it sold its consumer goods segment - which included popular brands such as the Park Avenue deodorant and Kamasutra condoms - to Godrej Consumer Products for $345 million.