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H&M Global Selection, a Japanese funding company in Singapore, has given $ 1.6 million to Uma Precision, precision engineering solution provider. According to the managing director and chief executive officer of Uma Precision, Rajendra Kankaria, the fund will be utilised for expanding its current facility. The company has recently acquired a Bangalore-based auto component firm, Gera Auto Industries for around Rs 2.5 crore. Uma is also in talks with a few companies in Detroit, US for acquisition. The company plans to float an IPO later this year for around Rs 35 crore to fund expansion and acquire new companies. It expects a turnover of around Rs 90 crore during the current year and around Rs 350-400 crore in another three years. |
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| Posted : 4/26/2006 |
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