Raymond Group, a leading Indian conglomerate, announced today that it has entered the aerospace-defense and electric vehicle (EV) component businesses. The company plans to invest ₹50 billion (US$670 million) over the next five years to develop these new businesses.
Aerospace-Defense Business
In the aerospace-defense sector, Raymond will focus on manufacturing critical components for aircraft and defense systems. The company has already acquired a majority stake in a leading Indian aerospace components manufacturer, Maharashtra Precision Products Limited (MPPL), for ₹682 crore (US$89 million).
MPPL is a leading manufacturer of aerospace components, including landing gear, hydraulic systems, and flight control systems. The company has a strong track record of innovation and quality, and it is a major supplier to leading Indian aerospace companies and the Indian Air Force.
EV Component Business
In the EV component sector, Raymond will focus on manufacturing battery packs, electric motors, and other components for EVs. The company has partnered with a leading global supplier of EV components, and it plans to set up a manufacturing facility in India to produce these components.
Raymond believes that the aerospace-defense and EV component businesses have significant growth potential. The company is committed to making these businesses successful, and it is confident that it has the skills and resources to succeed in these sectors.
Quotes
- “We are excited to enter these two new businesses,” said Gautam Hari Singhania, Chairman of Raymond Group. “We believe that these businesses have significant growth potential, and we are committed to making them successful.”
- “MPPL is a leading manufacturer of aerospace components with a strong track record of innovation and quality,” said Vijaypat Singhania, Managing Director of Raymond Group. “We are confident that this acquisition will help us to expand our presence in the aerospace-defense sector.”
About Raymond Group
Raymond Group is a leading Indian conglomerate with interests in textiles, apparel, engineering, and financial services. The company was founded in 1925 and is headquartered in Mumbai, India.
Details of MPPL Acquisition
Under the terms of the acquisition agreement, Raymond will acquire 59.25% of the issued and paid-up equity capital of MPPL for ₹682 crore (US$89 million). The acquisition is subject to regulatory approvals.
MPPL is a leading manufacturer of aerospace components, with a turnover of ₹3 billion (US$39 million) in FY23. The company has a strong track record of innovation and quality, and it is a major supplier to leading Indian aerospace companies and the Indian Air Force.
