The Raymond Group has announced its foray into aerospace, defence and electric vehicles (EV) components business with the acquisition of a 59.25 percent stake worth in Maini Precision Products (MPPL). The move is expected to bolster its existing engineering business.

Bangalore-based MPPL is engaged in the manufacturing of precision components and sub-assemblies, and caters to the automotive and industrial and aerospace segments. The acquisition is being funded via debt and internal accruals and is subject to requisite regulatory approvals. The deal will be concluded through Ring Plus Aqua, an arm of JK Files and Engineering.

Post the acquisition, the company will consolidate JK Files, RPAL and MPPL business, and will form a new subsidiary `Newco’. It will enable the company to build scale and growth. The Group expects to complete the transaction in the current financial year.