Rockman Industries, the auto-components arm of the USD 6 billion Hero Group, today said it has picked up a minority stake in UK's carbon composites manufacturer MCT Engineering for an undisclosed amount.
The acquisition is part of Rockman's strategy to expand footprint in European and US markets, the company said in a statement.
The stake has been acquired through Surat-based Moldex Composites, in which Rockman Industries holds a majority stake.
The company had last year forayed into carbon composites space by acquiring majority stake in the British-Indian enterprise Moldex Composites in a deal valued at around Rs 100 crore.
MCT Engineering is UK's specialist carbon composites manufacturer, producing components for automotive, motorsport and defence industries. Its clients include marquee motorsports and luxury car makers like Jaguar Land Rover and other British and European brands.
"Moldex Composites' strategic stake in MCT Engineering allows Rockman Industries to leverage the advanced technology and to expand presence in the global aerospace, motorsports and automotive businesses," Rockman Industries Chairman and Managing Director Suman Kant Munjal said.
Moldex Composites supplies composite components from India, with 99 per cent of output exported across the world to premier racing series in North America and other marquee automotive and motorsports customers in the UK and Europe.
The partnership complements MCT's existing capabilities by giving it access to Moldexs expertise in cost-effective advanced composites manufacturing as well as in-house design and production of patterns and moulds, the company said.
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