<p>The Ruia Group, which controls Dunlop India, said the all asset deal was aimed at consolidating its position in Europe.<br /><br />According to chairman Pawan K Ruia, the buyout was also aimed at tapping opportunities during the next boom in the automotive market projected to grow five folds in India by 2020.<br /><br />He said the group formally took charge of the assets of four production locations and one logistics centre in Germany of the bankrupt company headquartered in Neuss, a city in North Rhine-Westphalia, located on the west bank of the Rhine opposite Düsseldorf.<br /><br />Ruia Group formed a joint stock company Ruia Global Fasteners AG promoted by Wealthsea Ltd, Mauritius to take over the Euro 227 million (Rs 1,100 crore approx) turnover company.<br /><br />Ruia said the deal would be financed from internal accruals and three years sellers credit.<br />Acument Germany, which went to insolvency in August 2009 was earlier part of Acument Global Technologies, Inc. headquartered in the US.<br /><br />A steep decline in German automotive production during the economic crisis forced restructuring of the operation.<br /><br />According to reports, Ruia had assured employees that none of the German sites would be relocated to India.<br /><br />The acquisition turned the Ruia Group into a USD 1 billion group.<br />Ruia Group's overseas acquisitions -- Schlegel Automotive Europe Ltd in 2008, Draftex Automotive GmbH in 2009 and Gumasol in 2010 -- are expected to contribute almost 50 per cent to the group's revenue.</p>
<p>The Ruia Group, which controls Dunlop India, said the all asset deal was aimed at consolidating its position in Europe.<br /><br />According to chairman Pawan K Ruia, the buyout was also aimed at tapping opportunities during the next boom in the automotive market projected to grow five folds in India by 2020.<br /><br />He said the group formally took charge of the assets of four production locations and one logistics centre in Germany of the bankrupt company headquartered in Neuss, a city in North Rhine-Westphalia, located on the west bank of the Rhine opposite Düsseldorf.<br /><br />Ruia Group formed a joint stock company Ruia Global Fasteners AG promoted by Wealthsea Ltd, Mauritius to take over the Euro 227 million (Rs 1,100 crore approx) turnover company.<br /><br />Ruia said the deal would be financed from internal accruals and three years sellers credit.<br />Acument Germany, which went to insolvency in August 2009 was earlier part of Acument Global Technologies, Inc. headquartered in the US.<br /><br />A steep decline in German automotive production during the economic crisis forced restructuring of the operation.<br /><br />According to reports, Ruia had assured employees that none of the German sites would be relocated to India.<br /><br />The acquisition turned the Ruia Group into a USD 1 billion group.<br />Ruia Group's overseas acquisitions -- Schlegel Automotive Europe Ltd in 2008, Draftex Automotive GmbH in 2009 and Gumasol in 2010 -- are expected to contribute almost 50 per cent to the group's revenue.</p>