KOLKATA, India (Dec. 16, 2009)—The Ruia Group, which has controlling stakes in Dunlop India Ltd. and Falcon Tyres Ltd., has purchased a 60-percent stake in German automotive sealing systems supplier Henniges Automotive Grefrath.
Ruia Group Chairman Pawan K Ruia said Henniges will be renamed Draftex,
Henniges Director Juergen Hein owns 15 percent of the newly formed company and administrator Wolf Von Der Fecht the remaining 25 percent. Ruia said his company will have the option to acquire the 25 percent from the administrator within three years time, and Hein's 15 percent in five years time.
“We are trying to make our position better in sealing systems,” Ruia said. Ruia group already owns a plant in Leicestershire, Engand, and is looking at other options in the sealing systems market.
Henniges had gone into receivership in 2008 because of financial difficulties during the economic crisis. The company supplies automotive sealing systems to major global car manufacturers including BMW, Volkswagen and Daimler.