Raymond picks stake in MPPL, forays into aerospace, defence and EV components biz

The Raymond Group on Friday announced its foray into aerospace, defence and electric vehicles (EV) components business with the acquisition of a 59.25 per cent stake worth Rs 682 crore in Maini Precision Products Limited (MPPL).

Raymond expects the transaction to be completed in the ongoing financial year, the company said in a stock exchange filing. The acquisition will be funded by a mix of debt and internal accruals. The group will remain net cash positive after the acquisition, it said.