AIA Engineering announces acquisition of mining products business in Australia

AIA Engineering Limited, a prominent player in the engineering and industrial sector, has taken a significant step with the acquisition of the Mining Products business of Mining Products and Service Pty. Ltd. (MPS) in Australia. This strategic move involved the transfer of MPS’s mining products business to VEGA MPS PTY LIMITED (VMPS), Australia, and the subsequent acquisition of a 30% stake in VMPS by Vega Industries (Middle East) FZC, UAE (VEGA ME), a wholly-owned subsidiary of AIA Engineering Limited.

VMPS is a proprietary limited company incorporated on June 28, 2023, under Australian laws. While detailed financial information about VMPS is not available due to its recent establishment, the company specializes in the design, supply of mining liners and other critical components, process engineering, project management, and quality control capabilities for the mineral processing industry, with a primary focus on serving the mining sector.

VMPS primarily operates in the supply and services sector for the mining industry, and this acquisition is a strategic move aimed at bolstering AIA Engineering’s Mining Liner Business. The consideration for the acquisition was in the form of a cash transaction. AIA Engineering Limited’s wholly-owned subsidiary, VEGA ME, acquired a 30% share of VMPS for AUD 7.86 million. Furthermore, VEGA ME holds the potential to increase its stake by an additional 40% over a three-year period.

On the stock market, today, AIA Engineering Limited’s script opened at Rs 3,461 and closed at Rs 3,435 experiencing a 0.81% decrease. The company has a 52-week high of Rs 3,824.75 and a 52-week low of Rs 2,385. Currently, the company boasts a market capitalization of approximately Rs 32,350 crore, with its shares showing a 34.36% increase over the past year.

AIA Engineering Limited specializes in designing, developing, manufacturing, and installing abrasion and corrosion-resistant castings and is the world’s second-largest Hi-Chrome casting producer.

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