Murugappa Group firm Wendt India has successfully completed the acquisition of diamond dressing tool business of Star Diamond Tools for Rs 3 crore.
"With reference to the earlier letter where company had intimated about the proposal to acquire the Diamond Dressing tool business of Star Diamond Tools Private Limited on slump sale basis...
"Wendt (India) Ltd has now informed that the transaction has been successfully completed on March 29 2016 (today)", Wendt India said in a BSE notification.
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Early in January, Wendt India said it had entered into an agreement with Star Diamond Tools for acquisition of Diamond Dressing Tools business valued at Rs 300 lakh (Rs three crore).
The acquisition of Star's diamond tools business would strengthen Wendt India's presence in Stationery dressing tool business and help enhance the product basket, it said.
Star Diamond Tools has a manufacturing facility in Deonar, Mumbai. Besides serving domestic market, it exports to US and Europe.
