Mumbai, 29th January 2016 : Wendt (India) Ltd, have entered into an agreement with a leading Diamond Tool manufacturer, Star Diamond Tools Pvt. Ltd for the acquisition of the Diamond Dressing Tools business. The transaction will be consummated subject to fulfilment of certain conditions as laid down in the agreement.
This acquisition of Star‘s diamond tools business is expected to strengthen Wendt India’s presence in Stationery dressing tool business and would help in enhancing the product basket. Star is a well-known brand for diamond dressers like single point, chisels, blades etc.
The transaction is expected to be closed in the fourth quarter of the financial year 2015-16.
Star Diamond Tools Pvt. Ltd is a closely held company having its manufacturing facility in Deonar, Mumbai. It was promoted by Mr Girish Zaveri a pioneer in this field for over 50 years. The company is a leader in its field in India and exports its products to the US and Europe.
Wendt India Ltd is a leading manufacturer of Super Abrasive Grinding wheels (Diamond and Cubic Boron Nitride), Special purpose Grinding Machines and tools and precision components. It offers functionally superior Products and Services for Grinding and Machining “Hard –To-Process Materials”. These products find applications in industries like Automobile, Cutting Tools, Engineering, Bearing, Steel, Refractory, Ceramic, Glass, Textile etc.
About Murugappa Group
Founded in 1900, the 269 Billion Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including nine listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Parry Sugar industries Ltd, Shanthi Gears Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Transmission systems, Cycles, Sugar, Farm Inputs, Fertilisers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies such as Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Sociedad Química y Minera de Chile (SQM), Yanmar & Co. and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.
Renowned brands like BSA, Hercules, Montra, Ballmaster, Ajax, Parry’s, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The Group fosters an environment of professionalism and has a workforce of over 32,000 employees.