Texmaco Rail & Engineering, a part of the Saroj Poddar-led Adventz Group, will acquire a steel casting foundry from the Simplex Castings Ltd at an estimated investment of Rs 87.50 crore. Located at the Urla Industrial Estate in Raipur, Chhattisgarh, the foundry will be acquired on a slump-sale basis. Texmaco will fund the acquisition through a mix of internal accruals and bank loans as per reports. Post-acquisition Texmaco will see a 12,000 tonne addition to its existing capacity of 30,000 tonnes. Currently, around 60 per cent of the capacity of the company is being utilised. The acquisition is expected to complement the existing product range and cater to the increased demand, Texmaco informed the bourses.