Indo National pares 51% stake in Kineco for ₹220 Crore

18 Sep 2024 , 12:51 PM

Indo National Ltd, a manufacturer of consumer electrical items and dry cell batteries under the brand Nippo, stated on Tuesday that it will sell its whole 51% ownership in Kineco Ltd, a composites manufacturer, for ₹220 Crore.

According to a statement, the Chennai-based company intends to invest in new-age firms, the aerospace and military industries, and many categories of the fast-moving consumer goods industry.

The board of directors decided to sell its 51% stake in Kineco Limited to a consortium of investors for a consideration of ₹220 Crore, according to the statement.

Indo National is the second-largest player in the dry cell business, producing 800 million batteries annually. It also manufactures consumer electronics and torches.

In 2016, the company invested in Kineco, a leading composites company that provides a diverse variety of products and processing methods for defence, railway, and industrial applications.

Kineco produces composites for railroads, industrial purposes, and defence. Kineco also owns a 51% share in Kineco Kaman Composites, a joint venture with Kaman Aerospace Group, USA (a NYSE-listed business) to produce advanced composites for the medical and aerospace industries. Indo National Ltd, established in 1972, is India’s major manufacturer of dry-cell batteries. It began as a joint venture with Japan’s Matsushita Electric Industrial Co.

At around 11.51 AM, Indo National was trading 0.051% lower at ₹591.25, against the previous close of ₹591.55 on NSE. The counter touched an intraday high and low of ₹603.95, and ₹587.90, respectively.

For feedback and suggestions, write to us at [e-mail]