Mumbai, Jan. 29 :    Mumbai, Jan. 29:  Armed with surplus cash raised from the sale of its cement and steel divisions, Gautam Singhania's Raymond said today it has signed an agreement to acquire the steel files division of Aditya Birla Group's HGI Industries in Calcutta. J K Files and Tools, a division of Raymond, is already the largest manufacturer of files in the world with a 27 per cent market share. If the deal goes through, the acquisition will give it more strength and a big lead in the global market. The files and tools division contributes over 10 per cent to the company's turnover of Rs 1,356 crore. Raymond has entered into a marketing alliance with Starrett, an American tool company, to market a whole range of hi-tech hole saws in India. It has acquired the distribution rights from Joran to sell high-speed steel drills, which are hardened and tempered to ensure rigidity and appropriate wear-resistance. The company has drawn up plans to improve its range of hand-tools. It currently makes screw drivers, and will soon manufacture a variety of spanners and other masonry tools. These will be sold under the Sun Flower brand name. Raymond plans to enter the market for tool spares as well. It already makes diamond-coated needle files, which fetch better prices and are in great demand in the jewellery market. Earlier, there were reports that HGI Industries had sold off its carbon-monoxide unit to S K Enterprises and its oxygen unit to Rizvi Trading. According to the company, the high cost of technology used in the carbon dioxide unit made it unviable. Firms which came into the industry later could lower their cost of production because they use cheaper fuel. Last week, Raymond said completed all formalities related to the sale of its cement undertaking to Lafarge India. The division had been sold by the Singhanias last year for Rs 751 crore.