Pennar Industries is reportedly in advanced stage of negotiations to acquire Bailey Hydropower, a Chennai-based hydraulic products and systems manufacturer. The deal is estimated at over Rs 50 crore and is expected to be concluded in a couple of days.
This acquisition will give the Hyderabad-based company an opportunity to enter into a new segment. The deal is likely to be in the form of a cash-cum-share swap mode.
Pennar Industries is engaged in the manufacturing of Cold Rolled Steel Strips (CRSS) and value-added products under Cold Rolled Formed Sections (CRFS) like precision tubes, engineered components, road safety systems, parts of railway coaches and Electro Static Precipitators (ESP).
