Indian firm MX Africa Limited has signed a deal to acquire the balance of a 49 percent stake in Quantum Lubricants Limited, a Kenyan-based manufacturer in which it first invested in 2019.
MX Africa, a wholly owned Kenyan-based subsidiary of Indian conglomerate Maximus International Limited (MIL), first purchased a 51 percent stake in Quantum Lubricants three years ago, easing its entry into the local lubricant market whose growth has been driven by demand from operators of heavy machinery in the infrastructure sector.
