Raymond Group’s entry into aerospace-defense and EV component business: Raymond to acquire 59.25% stake in MPPL for ₹682 crore
Raymond Group is soon going to enter aerospace, defense and EV component business. The company announced on November 3 that it is acquiring 59.25% stake in auto and aerospace company Maini Precision Products Limited (MPPL) for Rs 682 crore. It is funded by debt and internal accruals.
The company said this acquisition will further strengthen Raymond’s existing engineering business. The company currently has a presence in the emerging aerospace, electric vehicles (EV) and defense sectors. The transaction will be subject to requisite regulatory approvals and is expected to be completed during the current financial year.
Raymond will form a new subsidiary by merging three companies.
This acquisition will be completed through Ring Plus Aqua Limited (RPAL), a subsidiary of JK Files & Engineering. Post the acquisition, Raymond-JK Files, RPAL and MPPL businesses will be merged into a new subsidiary. Raymond Limited will hold 66.3% stake in the new company (newco), which will focus on precision engineering products.
Newco’s pro-forma consolidated revenue by FY 2023 is Rs 1600 crore and EBIDTA is Rs 220 crore. Whereas MPPL’s export contribution in FY23 was 70%. Apart from this, the total revenue of the company was around Rs 750 crore with 13% EBITDA margin.
MPPL founder will lead the consolidated engineering business.
MPPL founder Gautam Maini will lead the consolidated engineering business. The company said the consolidated business provides services to top global OEMs and tier-1 manufacturers in the aerospace, defense, auto and industrial businesses.
Gautam Hari Singhania, Chairman and Managing Director, Raymond, said, “This acquisition will accelerate the growth of our engineering business and open new avenues for our entry into fast-growing segments like aerospace, defence, EV etc. These are rapidly growing sectors, which provide us with ample opportunities to take advantage.
MPPL has a large business with 11 manufacturing facilities across two sectors.
MPPL has a large business with 11 manufacturing facilities across two sectors in India. The first being Aerospace, which includes manufactured precision products for Aerospace and Defence.
The second is the Automotive & Industrial vertical, which includes clean internal combustion engines, fuel injection & transmissions, EV components, hydraulics and precision products for industrial as well as agriculture.
It is a pleasure to lead Raymond’s Consolidated Engineering business: Gautam
Gautam Maini said, ‘I am delighted to lead Raymond’s Consolidated Engineering business. “This partnership will usher in many opportunities for rapid growth and expansion, giving us a competitive edge in both international and domestic markets.”
Raymond Group will be net cash positive after the transaction, company’s share increased by 4%
Raymond said, ‘Due to strong free cash generation and no major capex requirement, Raymond Group will be net cash positive after the transaction.’
Raymond is re-structuring its business and entering new businesses.
Raymond has been re-structuring its business and entering new businesses in recent years. At the beginning of the year, the company sold its consumer care business to Godrej. Earlier, Raymond had separated his lifestyle business. The company has also entered the real estate business
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