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Our Bureau

Chennai , Feb. 17

TVS Autolec has raised its stake in Malaysian joint venture by buying a further two lakh shares in the company.

TVS Autolec (formerly, Autolec Industries) earlier had a 30 per cent stake in RBI Autoparts Sdn Bhd, which makes water pumps and oil pumps.

Another 40 per cent of the equity was held by a Malaysian industrialist, as the `Bhoomiputra policy' required a local partner.

The policy has since been relaxed and the partner opted to go out of the company, which has been in loss for some time.

TVS Autolec (a subsidiary of and soon to be merged with Sundram Fasteners) agreed to buy the 40 per cent from the Malaysian.

It is understood that the consideration of the deal is a small amount, of the order of a few lakhs of rupees.

"RBI Autoparts is a supplier of water pumps and oil pumps to the Malaysian carmaker Proton, and is working on setting up an extended operation to service the Asean region," says a press release from TVS Autolec.

More Stories on : Mergers & Acquisitions | Automobile Components

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