Maximus Group acquires 100% stake in Quantum Lubricants, Kenya
MX Africa Limited (MXAL) has signed an agreement to acquire the remaining 49% stake in Quantum Lubricants Limited, Kenya. MXAL is Maximus International Limited’s wholly owned Kenyan subsidiary (MIL).
Previously, in 2019, MXAL purchased a 51% ownership position in QLL, paving the way for its foray into African lubricant production. MXAL will have complete control of QLL’s activities with the continuing acquisition of the 49% stake.
Deepak Raval, Managing Director of MIL, stated that “this acquisition of 49% stake in QLL is part of our ongoing worldwide development plan.” We now have complete control over QLL’s activities, which will aid our expansion plans.”
The firm is currently executing an ambitious Rs25 crore development initiative that would triple its manufacturing capacity, said the company on Tuesday.
Source: IIFL Securities