September 22, 2022: MX Africa Limited (MXAL), has entered into SPA to acquire the remaining 49 percent stake in the Kenya-based Quantum Lubricants Limited (QLL). XML is the Kenya-based wholly owned subsidiary of Maximus International Limited (MIL).
Earlier, in 2019, MXAL had acquired a 51 percent equity stake in QLL which paved its entry into lubricant manufacturing in the African markets. With the ongoing acquisition of 49 percent, MXAL will take total control over QLL’s entire operations.
MIL’s Managing Director, Mr. Deepak Raval said “this acquisition of 49 percent in QLL is a part of our ongoing global expansion plan. We now have total control over QLL’s operations which will facilitate our expansion program.”
The company is presently in the midst of implementing an ambitious Rs 25-crore expansion program which involves tripling its manufacturing capacity.
