TRF acquires balance 49% stake in Srilanka-based Dutch Lanka Trailer Manufacturers (DLT), a world class trailer manufacturing company. Earlier on July 7, 2009, TRF had acquired 51% stake in DLT for $8.67 million through its wholly owned subsidiary TRF Singapore with a Put and Call, option to buy out balance 49% stake of DLT for $8.33 million.
As per the agreement, the shareholders of remaining 49% stake of DLT have exercised the put option and the same has been bought by TRF through TRF Singapore on December 30, 2011 at the agreed consideration. Consequently, DLT has become a wholly owned subsidiary of TRF Singapore.
DLT has manufacturing facility in Sri Lanka and sells trailer in as many as 30 countries. Dutch Lanka Engineering, 100% subsidiary of DLT in Sri Lanka, is engaged in Repairs maintenance and service business for Trailers. It also manufactures Trailers for the Sri Lankan market.
TRF, incorporated in 1962, belongs to Tata group and is engaged in the business of design, manufacture, supply, installation and commissioning of engineered-to-order equipment and systems.