Kolkata, July 10 (Inditop.com) Material handling equipment major TRF Ltd, a Tata group enterprise, has acquired a controlling stake in Sri Lanka’s Dutch Lanka Trailer for $8.67 million, a top company official said here Friday.
“This is our second acquisition in two years. In the first phase, TRF will acquire 51 percent of equity at a consideration of $8.67 million,” said company managing director Sudhir Deoras at a press meet.
“It will also sign a call and put option agreement for acquiring the remaining 49 percent at $8.33 million,” he added.
TRF is engaged in supply of material handling equipment and systems.
Dutch Lanka, which has manufacturing facility in Sri Lanka, sells trailers in 30 countries. It also has a subsidiary in Oman, which manufactures and sells trailers in the West Asian markets.
The acquisition is in line with TRF’s plans to grow fivefold in five years and become a Rs.2,500-crore company by 2013, Deoras said.
