The process of Ratnamani Metals’ acquisition in Ravi Technoforge will be made in three tranches.
Ratnamani Metals & Tubes Ltd. has signed a definitive agreement for the acquisition of equity shares in Ravi Technoforge Pvt. Ltd. (RTL). The acquisition will be made in three tranches over the period based on the performance metrics and other terms & conditions.
Notably, Ratnamani Metals & Tubes shall hold about 53 percent stake in Gujarat-based RTL. Being one of the leading manufacturers of high-precision forged and turned bearing rings, gear blanks and other similar bearing components, RTL caters mostly to all the large bearing manufacturers in India and across the globe. Started in 1990, the Company has the capability of manufacturing rings in the range of 40 mm-400 mm with unit weights up to 25 kg.
In the words of Mr. Prakash M. Sanghvi, Chairman & Managing Director, Ratnamani Metals & Tubes Ltd., “Joining hands with RTL marks the beginning of a new chapter for Ratnamani.”
“The partnership with RTL will not only provide good growth & business opportunities in diverse sectors but will further boost the consolidated position of Ratnamani in much more sustainable manner,” Mr. Sanghvi further added.
About the development, Mr. Amrutlal Bharadia, Managing Director, RTL, asserted that by joining hands along with equity, RMTL will also bring their expertise, experience and efficiency standards to RTL and it will help to scale us to new heights and fuel our growth plans. RTL with new growth capital & support from RMTL will work on augmenting capacities, re-organizing business operations more efficiently and enlarging product/process offerings to match customers’ expectations.