Raymond has announced a proposal to acquire a controlling interest in auto component manufacturing company Ring Plus Aqua (RPAL) through a wholly-owned subsidiary Scissors Engineering Products.According to a release issued by Raymond to the BSE today, the acquisition price of 69.17% stake of RPAL is Rs 21.05 crore.RPAL, an unlisted profit-making company with a paid-up capital of Rs 7.61 crore and turnover of Rs 63.33 crore in FY05, is engaged in the manufacture of starter ring gears and integral shaft bearings with manufacturing facilities at Sinnar near Nashik, Maharashtra, the release added.Gautam Hari Singhania, CMD of Raymond, said: "The group's strategy is to become a key player in the engineering industry, which has an India advantage and in which the group already has a global presence through its existing engineering files and tools division. This acquisition will enable the group to have a ready platform to capture the immense opportunity emerging in the Indian auto components industry."
