China Rongsheng Heavy Industries has inked an agreement to spend RMB2.15bn ($329.3m) in a total takeover of Quanchai Group, giving it the leverage to produce high-speed diesel engine, Seatrade-asia reports. “It enables the group to secure a stable and reliable supply of engine parts, which in turn will aid the sustainable growth of the group's engineering machinery segment,” Rongsheng said Tuesday. Quanchai is currently 100% owned by the Chinese government of Quanjiao County, Anhui Province. Rongsheng's subsidiary Jiangsu Rongsheng Heavy Industries made the takeover bid which is still subject to approval.
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