Sunita Tools' USA Subsidiary Acquires 51% Stake in New Mold Innovations

Sunita Tools Ltd's wholly-owned subsidiary, Sunita Defence Inc (USA), has acquired a 51% ownership stake in New Mold Innovations LLC, a Kentucky-based specialty grease, mold, and manufacturing company. The acquisition cost is USD 419,000, payable in two tranches. Net profits will initially be distributed 75:25 in favor of Sunita Defence Inc until a preferred return of USD 344,000 is recovered, after which the distribution will revert to the standard ownership ratio of 51:49. The first tranche of INR 1,44,55,500 (approximately USD 150,000) has been remitted.