SME Times News Bureau | 13 Feb, 2010
The Chennai-based $3.14 billion industrial conglomerate Murugappa group has opened the year 2010 with a French acquisition.
The Group company Tube Investments of India Ltd (TII) Friday acquired controlling stake in Sedis Group, which manufactures industrial and engineering class chains at its two plants in France, by buying 77.13 percent stake in its holding company Financiere C10 (FC10) for 6.8 million euros.
TII has acquired 75 percent from FC10 and the balance from few other shareholders.
As per the deal, the Sedis management will hold the balance stake and be associated with the company for three more years.
The turnover of Sedis Group was 37 million euros for the year 2008 and the profit after tax was 1.35 million euros.
During the first nine months of calendar year 2009, the revenue was at 21 million euros and the profit after tax was 0.55 million euros.
The acquisition will enable TII to access Sedis' superior technologies and make products that are today being imported into the country.
Post acquisition, the Sedis board will be reconstituted with three nominees from TII and one from Sedis.
