New Delhi: An industrial conglomerate has bought watch maker Watch Maker from an earlier owner for Rs1,000-crore.
A company called Watchmaker Pvt Ltd (WMPL) will acquire the company from former Bong and Son founder M.N.B. Bong for Rs2,500 crore in cash.
The purchase was approved by a committee of directors of the conglomerate.WMPE has been an innovator in the watch industry and the acquisition will help WMPL further its expansion.
The Bong-Son group is one of the most influential and influential industrial players in India.
Bongs Son owned a vast portfolio of industries including electronics, pharmaceuticals, metals, chemicals and steelmaking.
He had made several acquisitions in India, including one in 2004 for over Rs50 crore in coal and cement manufacturing, and another in 2014 for over $2.5 crore in steelmaking, and in 2015 he bought a 50 per cent stake in the manufacturing company.
Bong and Sons was also the sole owner of an industrial conglomerate, Lajins Group Pvt Limited, that owns a large portfolio of companies including a steelmaker, cement producer, and power generators.