Sundram Fasteners acquires German co

MUMBAI: TVS group company, Sundram Fasteners Ltd (SFL) on Thursday said it has acquired Germany-based company PUT Grundstucks GmbH (PUTG) for around 30,000 euro (around Rs 16.49 lakh).

In a communique to the Bombay Stock Exchange (BSE) the company said it has bought 100 per cent share capital of PUT Grundstucks in Peine, Germany.

PUT Grundstucks is currently called mertus Sechsundvierzigste GmbH and is domiciled in Frankfurt am Main, Germany.

PUTG would hold the land and building at present being utilised by Peiner Umformtechnik GmbH of Germany, the wholly-owned subsidiary of the company.

Sundram Fasteners is India's largest manufacturer and exporter of high tensile fasteners, powder metal components, cold extruded parts, hot forged components, radiator caps, automotive pumps, gear shifters, gears and couplings and iron powder.

Shares of the company closed at Rs 53.50, down 2.90 per cent on BSE.