Tube Investments of India Ltd (TII) has picked up 22.87 per cent additional stake in French subsidiary Financiere C10 SAS. With this, Financiere C10 (FC10) becomes a wholly-owned subsidiary of Tube Investments. The Murugappa group company has acquired 51,208 shares of Financiere C10 from existing shareholders.
Financiere C10 is the holding company of Sedis SAS and Societe de Commercialisation de Composants Industriels, both in France, and Sedis Company Ltd, UK. In 2010, Tube Investments had obtained controlling stake in Sedis Group through the acquisition of 77 per cent equity in Financiere C10.
The acquisition helped TII gain access to new products and technologies in industrial chains. Sedis is a manufacturer of industrial and engineering class chains in France. It has a presence in over 100 countries. Its clients include Lafarge, Charles De Gaulle airport, BAA Heathrow, Metronet, Cairo Metro, Kone, Otis and Schindler.
-Hindu Business Line