Industrials
Veda advises Indo-National on the sale of 51% stake in Kineco, a leading composites manufacturer
About
Indo National
Indo-National Limited (formerly, Nippo Batteries Company Limited) is a leading manufacturer of Dry-cell Batteries in India. Headquartered in Chennai, it is the second-largest player in the industry, with a production capacity of 800 million batteries per annum. Leveraging on its established distribution network, the Company also offers Flashlights (torches), LED lights, Mosquito bats and Electrical Products.
Kineco Limited
Kineco Limited, manufactures composites for Railways, Industrial applications, and defence. Kineco further holds a 51% stake in Kineco Kaman Composites Private Limited which is a joint venture with Kaman Aerospace Group, USA (A NYSE listed entity), to manufacture advanced composites for the medical and aerospace industries. Kineco also holds a 45% stake in Kineco Exel Composites India Private Limited which is a joint venture with Exel Composites Oyj, Finland (A Nasdaq Helsinki listed entity), to further grow the pultrusion business in India.
Background
We are pleased to announce that our client, Helios Strategic Systems Limited (“Helios”), a wholly owned subsidiary of Indo-National Limited (“INL”), has sold its 51% stake in Kineco Limited (“Kineco Group”) to a consortium of investors for a consideration of INR 220 crores.
Kineco Group is India’s leading composites business offering wide range of products and processing technologies for defence, railways and industrial application. It also has joint venture with Kaman Aerospace Group, USA, which is into manufacturing advanced composites for the medical and aerospace industries. It’s joint venture Exel composites Oyj, Finland helps to grow the pultrusion business in India.
Veda Corporate Advisors (“VedaCorp”) was the financial advisor to Indo-National Limited on this transaction. This is Veda’s 7th transaction in India’s fast growing DARE (Defence, Aerospace, Railways and Electronics) segment.