Maharashtra-based Raymond to buy 59.25% stake in Maini for ₹682 cr

Maharashtra-based textile company Raymond will pay around ₹682 crore for a majority stake in Maini Precision Products Limited (MMPL). Bengaluru-based MPPL has a presence in aerospace, electric vehicles and defence. Following the acquisition, Raymond will consolidate JK Files, Ring Plus Aqua Limited and MPPL business to form a new subsidiary. The former two are Raymond's current engineering units.