Rockman Ind acquires majority stake in Moldex Composites

Rockman Industries, the auto-components arm of the $5 billion Hero Group, has forayed into carbon composites space by acquiring majority stake in Surat-based Moldex Composites in a deal valued at around Rs 100 crore.

With the stake buyout, the company eyes diversifying into motorsports, aerospace and high-end automotive components manufacturing.

"Our investment into the carbon composites technology is aimed at pre-empting the global shift towards carbon fibre in automobiles, besides an entry into motorsports and aerospace," Rockman Industries Chairman and Managing Director Suman Kant Munjal said.

The move is also a part of the company's diversification strategy aimed at a turnover of Rs 5,000 crore by 2021, he added.