Amtek Auto set to buy select business of Asahi Tec

NEW DELHI: Auto component maker Amtek Auto will acquire iron casting, forging and machining businesses of Asahi Tec Corporation for an undisclosed sum.

In a filing to BSE, Amtek Auto Ltd (AAL) said it has entered into a share purchase agreement with Japan-based Asahi Tec Corporation to acquire its various group companies, which are engaged in the business of iron casting, forging and machining.

"The transaction will be completed through the overseas subsidiary of AAL," it said.

The acquired companies have various manufacturing facilities in Japan, Thailand and China with long-standing relationships with 'blue chip' original equipment manufacturers, the company added.

In the quarter ended December 31, 2014, Amtek Auto had revenue of Rs 111.89 crore with a net profit of Rs 7 crore. In 2013-14, the company's revenue stood at Rs 399.97 crore while its net profit was Rs 32.33 crore.