Shubham Jaiswal ([email protected])
The Ashok Piramal group has signed an agreement to sell its high-speed steel cutting tools business to Dormer Pramet, a subsidiary of Sweden’s Sandvik Machining Solutions, the two firms said in a statement.
Miranda Tools has a market share in high-speed steel cutting tools business in India.
The securing is aligned with Sandvik Machining Solutions’ focus on strengthening our round tools offer adding greater production capacity and flexibility to support long-term growth.
The securing enhances Dormer Pramet’s product offerings and improves its presence in key markets such as India, China and Southeast Asia via Miranda Tool’s distribution network and manufacturing facilities.