SINGAPORE: Singapore-listed engineering company Sunningdale Tech Ltd today announced an $80-million proposal to acquire First Engineering Ltd (FEL), including its manufacturing facility in Chennai, with an aim to strengthen its footprint in India.

Sunningdale Tech said it would acquire all the issued and paid-up shares of Anchorage Singapore Holdings Pte Ltd, FEL’s holding company.

FEL produces precision engineering products through First Engineering Plastics India Pvt Ltd since 2005 at Kancheepuram district of Tamil Nadu.

“This transaction will not only expand our group’s blue-chip customer base and widen our product mix offering, but also further strengthen our existing footprint and give us immediate access to the Indian market,” said Khoo Boo Hor, CEO, Sunningdale Tech, while announcing the proposed acquisition.

FEL’s manufacturing facility in Chennai would provide an immediate access to the Indian market when the acquisition completed in the fourth quarter of this year, a Sunningdale spokesperson said.

“Currently, we do not have presence in India but we sell tools made in Sunningdale plants globally to Indian customers,” the spokesperson told PTI.

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