Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Ruia Group frontrunner for takeover of Halonix
BackBack

Ruia Group frontrunner for takeover of Halonix

Ruia Group frontrunner for takeover of Halonix

Premium

Kolkata: Kolkata-based PK Ruia Group has emerged as a frontrunner for taking over majority control of light manufacturer Halonix, formerly known as Phoenix Lamps, from PE fund Actis.

“There are several proposals which we are evaluating for acquisition, but cannot speak on any specific deal unless finalized," a spokesperson of the Ruia Group, which controls Dunlop and Falcon Tyres, told PTI.

Sources said negotiations were underway for the past six months for a 66% stake. There were at least two other companies in the fray.

Halonix is only the auto ancillary production company that produces lights for both two and four-wheelers.

The PK Ruia Group recently took over several companies involved in the manufacture of sealing and automotive fasteners in Europe. Just a few days ago, the group signed binding agreements with Germany-based Meteor Gummiwerke KH Badje GmBH & Co and Turkey-based Standard Profil AS, which have a combined turnover of $570 million.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 17 May 2011, 05:21 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App