Zodiac-JRD-MKJ has signed a non-binding Term Sheet with VEM Tooling India and Marc Wienmann to acquire a 90% stake in VEM Tooling India for a consideration of Rs 28 crore to be paid in four payments over next two years. The company shall close this Acquisition in about 60 days from the date of signing the Term Sheet.
The company wishes to set up a new vertical in the Automotive Components segment which has a brighter future than Diamonds and has identified this acquisition which is a running profit making company.
Zodiac-JRD-MKJ mainly imports rough diamonds from Belgium or buys them locally from Hindustan Diamonds and cuts and polishes them.
