TRF acquires rest of Dutch Lanka Trailer Manufacturers for $8.33 million

03 Jan 2012

TRF Ltd, a part of the Tata Group companies, has completed the buyout of the 49-per cent stake, which it does not own, in Dutch Lanka Trailer Manufacturers Ltd, Sri Lanka (DLT), for around $8.33 million.

The acquisition was made through its Singapore subsidiary TRF Singapore Pte Ltd, the company said in a filing with the Bombay Stock Exchange (BSE).

The company had, on 7 July 2009, acquired 51-per cent stake in DLT for $8.67 million through its wholly owned Singapore subsidiary. The agreement had a put and call option to buy out the balance 49 per cent stake.

Accordingly, the holders of the 49-per cent stake had exercised the put option and on acquisition, DLT has become a wholly owned subsidiary of TRF Singapore, the company said in its filing.

DLT, which has manufacturing facility in Sri Lanka, sells trailers in 30 countries. The company also manufactures and sells trailers in India through its joint venture with Tata International Ltd.

DLT subsidiary Dutch Lanka Engineering (Private) Ltd is involved in the repairs and maintenance of trailers. Another DLT subsidiary based in Oman caters to the West Asian market.