The Raymond Group has revealed that it has acquired a 59.25 percent share in Maini Precision Products (MPPL), marking its entry into the aerospace, defence, and electric vehicle (EV) component market. It is anticipated that the move will strengthen its current engineering business.

MPPL, a Bangalore-based company, produces precision parts and subassemblies for the automotive, industrial, and aerospace industries.

The transaction is contingent upon receiving the necessary regulatory permissions and is being financed by debt and internal accruals. JK Files and Engineering's Ring Plus Aqua division will close the deal.

Following the acquisition, the business will combine the operations of JK Files, RPAL, and MPPL to create a new subsidiary called "Newco". It will make it possible for the business to expand and grow.

The Group expects to complete the transaction in the current financial year.