RPAL: Raymond buys 59% in auto parts co Maini

Raymond group has acquired a 59.2% stake in Maini Precision Products for Rs 682 crore through a combination of debt and internal accruals. The transaction will be subject to regulatory approvals and is expected to be completed during the current fiscal. This acquisition is a strategic move to strengthen Raymond's existing engineering business. The consolidated business will cater to the top global original equipment manufacturers and tier-1 manufacturers across aerospace, defence, auto and industrial businesses.