Amtek Auto to pick up stake in Germany's Neumayer Tekfor
Auto component maker Amtek Auto Ltd on Monday said it will acquire "substantial business interests" of Germany's Neumayer Tekfor (NT) Group.
New Delhi: Auto component maker Amtek Auto Ltd on Monday said it will acquire "substantial business interests" of Germany's Neumayer Tekfor (NT) Group.
Without disclosing any financial details, the company said: "it entered into an agreement to acquire substantial business interests of Germany based Neumayer Tekfor Group, through its 100 percent subsidiaries."
"The transaction closing is subject to fulfillment of certain conditions which are expected to be completed by end of May 2013," Amtek Auto said in a filing to the BSE.
The NT Group is engaged in the business of forging and integrated machining and have nine manufacturing units across Germany, Italy, US, Mexico, and Brazil.
"The turnover of the acquired business is around Euro 500 million," the filing added.
Shares of Amtek Auto were quoting at Rs 76.30 apiece during the afternoon trade, up 7.54 percent from their previous close on the BSE.