Tomkins acquires stake in Rolastar

London-based Tomkins PLC has acquired a controlling interest in Rolastar Pvt Ltd, an Indian firm from its two promoter-owners, Blue Star Ltd and Pratap M Gidvani and his family.

While Blue Star sold 30 per cent of its 49 per cent stake in the firm for Rs 37 crore, transaction details regarding the exact percentage acquired from Gidvani or the amount paid were not revealed.

"Tomkins has acquired a majority stake while Bluestar and I hold residual shares in the company. Over the next two years, Tomkins can purchase the remaining shares," said Rolastar MD Pratap M Gidvani.

Rolastar manufactures factory-made hollow profiles and related accessories for ductwork and air distribution at the four manufacturing facilities in Bilimora, Gurgaon, Bangalore and Chennai.

Tomkins Building Products (a $ 1.7 billion group company) is North America-based. It includes an HVAC (heating, ventilating and air conditioning) segment in excess of $1 billion in annual revenue. Rolastar will continue to operate with Pratap Gidvani as its MD and the present management in place.

Gidvani said the company had lined up Rs 20 crore investment over the next two years to commission two more manufacturing units.

Tomkins' two major companies of interest for expansion in the India market are ASC and Ruskin. ASC supplies commercial diffusers for the HVAC industry and Ruskin provides commercial dampers, louvers, ductwork, and duct silencers.