INDIA BUSINESS WORLD - FEBRUARY 1st - FEBRUARY 15th - 2008
TOMKINS PICKS UP 60% IN ROLASTAR
UK-based Tomkins PLC through its subsidiary Tomkins Building Products Group, acquired a controlling stake in Mumbai-based Rolastar Pvt Ltd. The $1.7-billion US-based Tomkins Building Products holds controlling stake in Rolastar at 60%, after acquiring the interest from promoter owners, Blue Star and Pratap M Gidvani. Tomkins acquired 30% from Blue Star for a consideration of Rs 37 crore. After the deal, Blue Star’s stake in the entity stands at 19%. “Tomkins will initially invest around Rs 25 crore into Rolastar. Tomkins plans to set up four manufacturing facilities in the next two years. The company plans to acquire the remaining stake during this period, making Rolastar a fully-owned subsidiary of Tomkins,” said Mr Gidvani.
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