Delta Magnets Ltd. said its board had approved acquisition of 100% stake in UK-based MMG Magdev Ltd. and Chennai, India-based MMG India Pvt. Ltd. Financial details of the deal were not divulged.
Both the above acquisitions will strategically help the Company in increasing its market presence for magnets in both, the Domestic and Global Market.
It said the above acquisitions would strategically help the company in increasing its market presence for magnets in both, the domestic and global Market.
Delta Magnets said the acquisitions would enhance its manufacturing capacity, expand its geographical reach into Europe, the US and the UK, besides giving it a ready market for its existing product range.
Delta Magnets manufactures arc, ring and hard ferrite permanent magnets, which are used in the automotive and other industries.
Source: Stock Market Review