Ruia Group Toys with European Acquisitions
The lights may still be out and the machinery standing idle at Dunlop India’s Sahaganj factory, but this isn’t stopping parent company the Ruia Group from eyeing up new acquisitions further afield. The Indian conglomerate is reportedly in “an advanced stage of talks” regarding the purchase of a European sealing systems company.
An article published in India’s Hindu newspaper doesn’t name the company – it says Ruia Group chairman Pawan Kumar Ruia declined to give further details – yet it notes that the firm in question is based in Germany and has a business of approximately 60 million euros, with BMW and Mercedes-Benz listed amongst its clients. According to the paper, an acquisition is likely to be concluded by the end of August. The deal will allegedly be internally funded.
Furthermore, the Hindu reports, the Ruia Group is presently on the lookout to acquire companies in three segments — engineering goods, sealing systems and tyres. All companies under consideration are located in Europe.