Hero Group arm Rockman forays into carbon composites
An auto components subsidiary of the Hero Group, Rockman Industries has acquired a controlling stake in Moldex Composites, a Surat based producer of carbon composites for Rs 100 crore. This foray in to carbon composites technology will help Rockman Industries to diversify into aerospace, motorsports and high end automotive components production.
Moldex currently employs around 80 people and supplies advanced carbon composites to US located motor racing automobile producers, while also serving other industries.
Speaking to a news agency, Rockman Industries chairman Suman Kant Munjal said that this deal is a move in a direction of the worldwide shift, towards light weight materials like carbon fibre components and also aerospace and motor sports.
Rockman is also seeking to enhance Moldex's footprint in US and Europe, for which they have already started an office in the UK and will start an office in the US in the next few months and also expects the business to contribute around 10 per cent of its revenue in the next five years. (AR)
Fibre2Fashion News Desk – India