Hyderabad, Mar 6 (UNI) Hyderabad-based Victory Group today announced the takeover of Craig and Derricott, a 64-year-old Walsall-based company, for an undisclosed sum.
Previously wholly-owned by the Derricott Family, the company is a leading producer of high quality voltage controls and other electrical safety gear.
It is the second Walsall-based engineering major to move into Indian ownership in the past two years, according to a release here.
Stokes Forgings, an automotive components manufacturer, was taken over by Mumbai-based Mahindra&Mahindra in January 2006.
The Victory Group is partially owned by Reliance Capital, a company belonging to the Reliance ADA Group.
Its acquisition of Craig&Derricott will see production continue to be based in the British Midlands.
Victory Group Managing Director Mahindra Vaddineni said,''We could not be more delighted to welcome Craig and Derricott into the Victory Group.
''Their specialist switchgear has an unrivalled reputation in key markets around the world and will support our own ambitious plans for expansion in countries such as India, Africa, China, the Middle East and America.
''Our expertise in manufacturing medium voltage switchgear will synergise with the products being manufactured by Craig&Derricott.
We will support aggressive new product development pipelines for future growth, which will synergise with existing products and cater to a wider clientele.
''This is a very exciting time for everyone at the company and an opportunity for rapid growth over the next few years,'' he added.
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