Vadodara, Gujarat, India:
MX Africa Limited (MXAL), has entered into SPA to accumulate the remaining 49 % 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 % fairness stake in QLL which paved its entry into lubricant manufacturing in the African markets. With the continued acquisition of the 49 %, MXAL will take complete management over QLL’s whole operations.
MIL’s Managing Director, Mr. Deepak Raval stated “This acquisition of 49 percent 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 firm is presently in the midst of implementing an formidable Rs 25-crore enlargement programme which entails tripling its manufacturing capability.
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Milind Joshi (Chief Financial Officer – Investor Relation), Maximus International Limited, [email protected], +91 (265) 2325321/2345321
Job Cornelius, Corporate Communications/PR, [email protected]