Two European companies — Rohlig of Germany and Gebruder Weiss of Austria — have jointly picked up a 50 per cent stake in Tricon Shipping, a Chennai-based company, for an undisclosed sum. While Tricon will have the balance 50 per cent stake, its name will cease to exist in a newly formed joint venture, according to Mr B.R. Rangamani, Managing Director, Tricon.
Rohlig is a Euro 600 million company, and its Austrian partner’s turnover was around Euro 1 billion. Both will have 25 per cent stake each in the joint venture company called Weiss-Rohlig India. The European partners have brought in Rs 5 crore into the company. The total equity capital in the company has increased to Rs 4.75 crore from the present Rs 75 lakh, he told reporters.
Mr Rangamani will be the new Managing Director of the joint venture company with five directors — two Indians and three represented by the European partners. The global brand will help the company increase turnover to around Rs 500 crore in the next five years from the present Rs 100 crore (only of Tricon Shipping), he said.