Kolkata-based Ruia Group has acquired the 134-year-old Germany-based Acument GmbH & Co, which deals in mechanical fastening systems, for an undisclosed amount.

The Ruia Group, which controls Dunlop India, said the all-asset deal is aimed at consolidating its position in Europe.

According to the Chairman, Mr Pawan K. Ruia, the buyout is also aimed at tapping the opportunities during the next boom in the automotive market projected to grow five-fold in India by 2020.

He said the group formally took charge of the assets of four production locations and one logistics centre of the bankrupt company headquartered in Neuss, a city in North Rhine-Westphalia, located on the west bank of the Rhine opposite Ddorf.

Ruia Group formed a joint stock company Ruia Global Fasteners AG promoted by Wealthsea Ltd, Mauritius, to take over the €227 million (Rs 1,100 crore approx) turnover company. Mr Ruia said the deal would be financed from internal accruals and three years sellers’ credit.

Acument Germany, which went to insolvency in August 2009, was earlier part of Acument Global Technologies, Inc., headquartered in the US. A steep decline in German automotive production during the economic crisis forced restructuring of the operation.

According to reports, Mr Ruia had assured the employees that none of the German sites would be relocated to India. The acquisition turned the Ruia Group into a $1-billion group.

Ruia Group’s overseas acquisitions — Schlegel Automotive Europe Ltd in 2008, Draftex Automotive GmbH in 2009 and Gumasol in 2010 — are expected to contribute almost 50 per cent to the group’s revenue.

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