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Setco Automotive is set to acquire its subsidiary Lava Cast Pvt Ltd, an integrated automated foundry and fully-machined casting company. Setco group will purchase the entire stake owned by Lingotes Especiales S.A. (technology & joint venture partner) in Lava Cast Pvt Ltd. The merger would facilitate an increase in business opportunities for Setco Automotive through OEMs, further enabling the purchase of all the supplies under one vendor code. This will also result in an increase of orders from OEMs, MHCVs and farm-tractor industries, it said. Shares of Setco Automotive closed 1.42 per cent lower at ₹27.75 on the BSE.
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