UPL acquires Australian Edwards

Pune, Nov 6 (UNI) Uma Precision Ltd (UPL), a leading precision engineering solution provider, has acquired the Australian company, Edwards Repetition Pty Ltd (Edwards).

UPL has purchased all the assets of the 32-year-old, well-established company, manufacturing precision components for the automobile and white good industry. The deal includes the goodwill of the business and the right to the business name.

UPL had earlier acquired Bangalore-based Gera Auto Industries Pvt. Ltd., and acquired a 75 per cent stake in Kontak Comforts Pvt.

Ltd.

Giving details of the acquisition, UPL managing director and CEO Rajendra Z Kankaria said, ''We have incorporated a company in Australia, Edwards Repetition Uma Precision Australia Pty Ltd, which will market the products earlier manufactured by Edwards.'' Edwards is one of the largest multiple spindle machine works in the southern region of Australia. The company's major clients include GMH, Ford, Dorf Taps, Robert Bosch, Hella, Lucas, Vulcan, BTR Automotive, Mark Four Power Train and Isuzu Korea.

Mr Kankaria added, ''We are shifting entire plant and equipments to Pune. Earlier, we had bought 21 multiple spindles from UK and with our existing ten multiple spindles, we will be one of the largest companies to have multiple spindles in India. We already have facility and skilled labours, thus the production cost will be low.

Edwards' client base and the name will help us reach multinationals in European market.'' Uma Precision, founded in 1979, is a leading manufacturer and exporter of precision assemblies, systems and machined parts for auto and electrical industry. It manufactures over 1,000 different components for auto and electrical industries.

Uma Group's performance for the first half of this fiscal 06-07 has touched Rs 67 crore and its exports have touched Rs 8 crore, which is a 30 per cent jump over the last corresponding period's revenue and 400 per cent jump in exports.

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