Redington buys 90% stake in Auroma

Redington India announced on Friday that its wholly-owned subsidiary ProConnect Supply Chain Solutions (ProConnect) has acquired 90 per cent stake in Auroma Logistics Private Ltd for a cash consideration of ₹45.67 crore, payable in tranches on fulfillment of certain conditions. ProConnect will acquire the remaining stake after three years at a pre-agreed formula, the company said in a regulatory filing. Redington India said the object of acquisition is to expand the business and operations of ProConnect in the consumer durable goods segment.