Maximus Group acquires 100 per cent control of its manufacturing step-down subsidiary in Kenya

ANI PR Wire
24 Sep 2022, 17:45 GMT+10

Vadodara (Gujarat) [India], September 24 (ANI/BusinessWire India): MX Africa Limited (MXAL), has entered into SPA to acquire the remaining 49 per cent stake in the Kenya-based Quantum Lubricants Limited (QLL). MXAL is the Kenya-based wholly owned subsidiary of Maximus International Limited (MIL).

Earlier, in 2019, MXAL had acquired a 51 per cent equity stake in QLL which paved its entry into lubricant manufacturing in the African markets. With the ongoing acquisition of the 49 per cent, MXAL will take total control over QLL's entire operations.

MIL's Managing Director, Deepak Raval said "This acquisition of 49 per cent in QLL is a part of our on-going global expansion plan. We now have total control over QLL's operations which will facilitate our expansion programme."

The company is presently in the midst of implementing an ambitious Rs 25-crore expansion programme which involves tripling its manufacturing capacity.

Note:

For further details on the company please refer to the below-mentioned link:

http://www.maximusinternational.in/document?file=1658315428_company-profile2022.pdf

This story has been provided by BusinessWire India. ANI will not be responsible in any way for the content in this article. (ANI/BusinessWire India)

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