Sanjay Labroo – Promoter & MD & CEO, Asahi India Glass Ltd. (AIS), Kabir Bhandari – Promoter and Owner & CEO, Padmini VNA Mechatronics, Rahul Mookerjee – Ex-MD of Deutsche Bank and current Managing Director, YoNao Capital & Founder, Ashoka University and Kapil Kapoor, Ex Global COO, Timex Global & chairman Timex India, and current Chairman & Non-Executive Director, Info Edge India Limited announced that they are coming together for a 100% buyout of Timex Group Precision Engineering Limited (TGPEL).
The new investors bring unique and complementary skills. AIS &Padmini have domain expertise in the engineering industries for a number of years and supply to customers all across the globe in the automotive value chain.
Sanjay Labroo, MD & CEO, AIS said, “This is a strategic and long-term investment for AIS, which will not only help AIS in securing supply chain integrity through backward integration, but also diversifies AIS’s operations, further complementing and consolidating AIS’ position as a value-added and integrated supplier. , Rahul Mookerjee and Kapil Kapoor, brings long-term stability and continuity to TGPEL”.
Kapil Kapoor said, “Timex has built a reputation as one of the foremost watch companies in the world, offering world-class quality and innovation for decades. Its unique expertise in precision engineering and assembly line processes has been honed for over 25 years to establish TGPEL as one of the top precision engineering companies in India.”
Kabir Bhandari of Padmini VNA Mechatronics adds, “TGPEL offers unique advantages of precision engineering and has the capabilities of further diversifying its offering into various other industries as well as value addition in its products. I see this as a strategic investment that will help both companies to grow, with each leveraging its unique strengths”.
Rahul Mookerjee said, “This is truly a unique combination of investors, with each of us thinking in the long term, and having invested as value-driven shareholders. We will work together to ensure that the highest code of Corporate Governance is followed, conforming to global standards, which I look forward to contributing to”.