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Maximus Group Acquires 100 Percent Control of Its Manufacturing Step-down Subsidiary in Kenya

  • Saturday, September 24, 2022 12:05PM IST (6:35AM GMT)
 
Vadodara, Gujarat, India:  MX Africa Limited (MXAL), has entered into SPA to acquire the remaining 49 percent 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 percent equity stake in QLL which paved its entry into lubricant manufacturing in the African markets. With the ongoing acquisition of the 49 percent, MXAL will take total control over QLL’s entire operations.

MIL’s Managing Director, Mr. Deepak Raval said “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 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


Click here for Media Contact Details

Milind Joshi (Chief Financial Officer - Investor Relation), Maximus International Limited, [email protected], +91 (265) 2325321/2345321

Job Cornelius, Corporate Communications/PR, [email protected]

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