Mumbai: Asahi India Glass Ltd has teamed up with four investors to acquire Timex Group Precision Engineering Limited, the Indian subsidiary of Timex Nederland B.V for an undisclosed sum.

The acquisition will be done through a joint venture company - Scopfy Components Pvt Ltd, which is being formed with these investors.

The serial entrepreneurs who have come together to forge the partnership include Sanjay Labroo who heads Asahi India and Kabir Bhandari of Padmini VNA Mechatronics.

The other two are: ex Deutsche Bank managing director Rahul Mookerjee who is with YoNao Capital and Kapil Kapoor, who was previously with Timex India, and now with Info Edge

They will go for a 100 per cent buyout of Timex Precision, whose parent is part of Timex Group BV, one of the world's leading watch makers.

Timex Precision was started by Timex for captive production of precision engineered parts to be used in watches.

Entire range

Timex Precision has since then diversified and now it operates across the entire value chain providing end-to-end solutions from mould conceptualization and design to producing the final plastic injection moulded components and product assembly parts.

The products are used by automobile, electrical equipment, construction and consumer goods companies.

Timex Precision posted a turnover of over Rs 58 crore in 2016-17.

The acquisition is expected to be completed by March 2018.