Ring Plus Aqua Buys 78 Percent Shares Of Trinity India For $ 11 million

FOR IMMEDIATE RELEASE
Coimbatore, Tamil Nadu, India, Republic of (Free-Press-Release.com) February 25, 2012 -- Ring Plus Aqua Limited, the auto parts making entity of the textiles and apparel giant Raymond Limited has bought the Pune-based Trinity India Private Limited.

Although the details of the deal was not disclosed, during the filings at stock exchanges in India, major media reported that Ring Plus Aqua has acquired 78 percent shares of Trinity India for a consideration of Rs 54 crore ($ 11 million). It is also reported that Ring Plus Aqua has arranged funds through internal accruals, facilitated by Equirus Capital.

Trinity Die Forgers Limited, as it was known earlier, when the company was set up way back in 1974, Trinity India makes machined and forged parts for the automotive industry, besides material handling and hydraulic pumps and valve industries. Trinity India has four plants in the country with an installed capacity of producing 12,500 tonnes of forged components. The company supplies hubs, spindles, connecting rods and other components to the automotive industry. The Rune-headquartered firm has in excess of 400 personnel.

With the acquisition of Trinity India, Ring Plus Aqua is foraying into forged components domain. What is more, having acquired the company, Ring Plus Acqua has consolidated its position in the global automotive powertrain segment. After taking over Trinity India, the subsidiary of Raymond is now optimistic of earning additional revenue of Rs 80 crore.

The size of the Indian forging industry is estimated to be around $ 2.9 billion, while globally, the size of the forging industry is pegged at $ 115 billion. Trinity India tried to go public back in 2008, but the plan did not take off, due to fragile market conditions and global economic slowdown affecting the Indian stock market as well. More details can be seen at automotivehorizon.sulekha.com

Raymond Limited     Ring Plus Aqua     Trinity India