Rockman Industries acquires Moldex Composites

Rockman Industries, the auto component arm of the $5 billion Hero Group, today said it has acquired majority stake in Moldex Composites.

Rockman Industries decline to specify the financials of the deal but said that Moldex Composites has been acquired at a valuation of Rs 100 crore.

Rockman will continue to invest in Moldex to scale up its presence in the motorsports space, and also foray into the aerospace and high-end automobile industry.

Rockman Industries Chairman & Managing Director Suman Kant Munjal said, "We want to be future ready. The applications of carbon composites will continue to grow exponentially across sectors. In India alone, the potential for the segment is $ 5 billion over the next five years."

Mid-term, Rockman Industries plans to double turnover to Rs 5000 cr by 2021. It expects 10% of its revenues to come from carbon composites in that period.