Renold eyes 75% stake in LG Balakrishnan

New Delhi, Jun 9 (UNI) Automotive engineering major Renold Plc today said it is in dicussion with India's LG Balakrishnan&Bros (LGB) for acquiring 75 per cent stake in its industrial chain business.

The financial details were not disclosed.

''.. It is in discussions to acquire a 75 per cent interest in the industrial chain business of LGB,'' Renold said in a regulatory filing made to the London Stock Exchange.

The remaining 25 per cent stake in the business would be retained by LGB, which is listed on Indian bourses, it added.

LGB would provide an established manufacturing base and sales distribution network.

''This network would enable Renold to promote its existing product range into India's rapidly growing market place as well as exploit new product, market and export opportunities,'' it said.

Renold said the deal would come into effect with the attainment of the required regulatory and LGB shareholders approval. Last year, the company had acquired China-based Renold Hangzhou.

Renold Group is in the business of manufacturing and sale of industrial chains and related power transmission products.

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