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The board of Bharat Gears has approved the acquisition of Xlerate Driveline India Ltd, a group company of the Company. Raunaq EPC International Ltd (REIL), the seller, and Xlerate Driveline, are related parties of the company. Surinder Paul Kanwar, Chairman and Managing Director is the CMD of REIL and a Director on the board of XDIL. The transaction is being done at the arms' length basis, the company said. The acquisition will be EPS accretive in the consolidated financial statements and give the company an established set up for a clutch manufacturing capacity, which is adequate for the future projected growth of the company. Shares of Bharat Gears closed 2.37 per cent higher at ₹99.40 on the BSE.
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