Tata group firm TRF Ltd has increased its shareholding in Sri Lanka-based Dutch Lanka Trailer Manufacturers Ltd to 100 per cent by acquiring the remaining 49 per cent stake for $8.33 million (Rs 44.8 crore).
TRF had picked 51 per cent stake in 2009 for $8.67 million through its wholly owned subsidiary TRF Singapore Pte. Ltd. The deal also gave TRF a Put and Call option to acquire the balance 49 per cent, that the firm has exercised now.
Dutch Lanka Trailer has a manufacturing facility in Sri Lanka and sells trailers in over 30 countries. One of its subsidiaries is also involved in repairing, maintenance and service business of trailers. It also has a subsidiary in Oman besides a JV with Tata International to manufacture and sell trailers in India.
TRF shares were trading at Rs 214.9, up by 2.82 per cent at 12:23 PM on BSE, in a strong Mumbai market on Tuesday.
TRF is involved in providing solutions for material handling equipment and processing systems required in the infrastructure development. It has also expanded into automotive applications business. TRF earlier said that it plans to grow to Rs 2,500 crore by 2013 focusing on material handling business and auto applications business.
For the six month period ending September 2011, TRF reported 7.55 per cent increase in revenues to Rs 271.86 crore with Rs 5.3 crore in net profit (as compared to Rs 15 crore loss) in the same period last year.
In 2010, TRF acquired UK-based Hewitt Robins International for $4.62 million. Hewitt Robins is engaged in design, manufacturing of screens, mobile crushing and related products.
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