Endurance Tech buys 2 foreign cos

MUMBAI; Aurangabad-based die casting company Endurance Technologies, part of the Rs 1,500-crore Endurance Group, has acquired two aluminium die casting facilities — Nuova Renopress in Italy and Amann Druckguss in Germany. The company has also invested in front fork manufacturing company Paioli Meccanica, with whom it has a technical collaboration.

The total value of the overseas investments am-ounts to e 46 million.“We are looking at leveraging the customer base of our overseas subsidiaries with our low-cost high quality manufacturing base in India. With the help of the above acquisitions, we are now direct or indirect suppliers to the major auto original equipment manufacturers (OEMs) in Europe,” said Anurang Jain, managing director.

Endurance Technologies has 18 plants in five geographical locations in India and three plants in Europe through its acquisitions. The company is targeting a global turnover of Rs 5,000 crore for 2009-10 through both organic as well as inorganic growth.

In order to raise funds for these strategic acquisitions, Endurance last year placed an undisclosed portion of its equity with Standard Chartered Private Equity Fund for a consideration of Rs 150 crore. Endurance is looking at further opportunities in Europe, both in aluminium die casting and its proprietary product areas.