Ruia Group frontrunner for Halonix takeover

Kolkata-based PK Ruia Group has emerged as a frontrunner for taking over majority control of light manufacturer Halonix, formerly known as Phoenix Lamps, from PE fund Actis.

"There are several proposals which we are evaluating for acquisition, but cannot speak on any specific deal unless finalised," a spokesperson of the Ruia Group, which controls Dunlop and Falcon Tyres, told PTI.

Sources said negotiations were underway for the last six months for a 66 per cent stake. There were at least two other companies in the fray.

Halonix is only the auto ancillary production company that produces lights for both two and four-wheelers.

The PK Ruia Group recently took over several companies involved in the manufacture of sealing and automotive fasteners in Europe. Just a few days ago, the group signed binding agreements with Germany-based Meteor Gummiwerke KH Badje GmBH & Co and Turkey-based Standard Profil AS, which have a combined turnover of $570 million.