ProConnect hikes stake in its subsidiary - Rajprotim Supply Chain Solutions to 76%
Redington India announced that the Company have been informed by ProConnect Supply Chain Solutions (ProConnect), a wholly owned subsidiary of the Company that it had increased its stake in Rajprotim Supply Chain Solutions (a subsidiary of ProConnect) from 50% to 76%.Further ProConnect has entered into a Share Purchase agreement with an option to purchase the balance 24% shares in RCS in two tranches on an earn out model basis before 30 September 2020.
Further the Company has informed that, this investment in RCS will enable ProConnect to expand its Supply Chain business in Eastern Region of India resulting in bringing net new businesses. In addition the Company expect that this would bring in synergy for ProConnect across other regions in India.
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