The Hindu Business Line : Amtek Auto to acquire UK firm for £5 m

THE auto components company, Amtek Auto Ltd, has decided to acquire 100 per cent equity stake of the holding company of the UK-based GWK Group Ltd by investing £5 million (approximately Rs 41 crore) subject to the approval of Reserve Bank of India. With this acquisition Amtek will acquire 85 per cent equity stake of GWK Group Ltd.

The GWK Group, which had a turnover exceeding Rs 900 crore during the previous financial year, will outsource its forging requirements from Amtek, which will result in substantial export earning for Amtek.

GWK manufactures engine components and drive trains among other products, and is an OEM supplier to auto majors such as Ford and General Motors.

Amtek Auto had last year invested Rs 28 crore in buying out 100 per cent equity in New Smith Jones Inc, based in US, which makes ring gears and flex plates.

More Stories on : Mergers & Acquisitions | Automobile Components

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Baxter India cuts dialysis fluid prices

European foray planned for Kinetic Nova

Orchid Chemicals to raise $75 m through bond issue

Lupin gets A1 rating for short-term debt programme

Amtek Auto to acquire UK firm for £5 m

ONGC to expand MRPL capacity by another 3 mt

Plastro Plasson tie-up with Punjab co for drip irrigation

Maruti still bets on the 800 model to drive growth

Unichem charts roadmap to move into big league

New Director for NMDC