Rajkot-based Rolex Rings (RRPL), a supplier of forged and rolled rings to global brands such as FAG Bearing and SKF Bearings, is all set to buy out a Latin American forgings company for Rs 150 crore. Rolex has confirmed it has carried out a due diligence of the target company and the deal is likely to be completed in a month.

The acquisition will give the Rs 300-crore rings manufacturer access to new markets, said Manesh Madeka, managing director, RRPL. “We want to expand our presence in Latin America and nearby markets in the US, through this acquisition,” he said.

Rolex plans to raise Rs 100 crore through private equity, while a minor investment would be supplemented by debts route. RRPL had raised Rs 160 crore by divesting 26% to a US-based PE firm New Silk Route, to fund its expansion plans.

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