The Hindu Business Line : Tomkins buys controlling stake in Rolastar

Bangalore, Feb. 14 The UK-based engineering and machinery group Tomkins PLC said on Thursday it has acquired a controlling stake in Rolastar Private Ltd for an undisclosed amount.

Tomkins has bought stake in the company jointly owned by Mr Pratap M. Gidwani and family and Blue Star Ltd. While Blue Star had sold 29 per cent stake out of the 40 per cent, Mr Advani did not disclose the quantum of his equity dilution. Advani and family owned 51 per cent of the company. The company had projected a Rs 70-crore turnover during the current fiscal.

Announcing this at a press conference here, Mr Gidwani said Tomkins had allowed him to continue as the Managing Director of Rolastar, which will retain its name. Rolastar manufactures the ducts used in air-conditioning systems

“Rolastar provides us with a manufacturing and distribution network through which we can channel our other air systems products into the Indian, Middle East and South Asian markets,” Mr Terry O’Halloran, Chief Operating Officer, Tomkins Building Products Group, said in a statement.

Tomkins Building Products Group is the US-based subsidiary of Tomkins.

Meanwhile, Blue Star had informed the BSE that it sold its stake for Rs 36.75 crore, while it would be selling the remaining 20 per cent by next year.

The UK-based company said it plans to buy 100 per cent of Rolastar in the next 18 to 24 months.

Tomkins plans to add four more manufacturing facilities and new products at an investment of Rs 20-25 crore by next year. Rolastar already has facilities in Bangalore, Chennai, Gurgaon and Billimora.

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