Componenta Corp wins Doktas race

NEW DELHI: The Turkish metal casting company Doktas has finally gone to Finnish metal products group Componenta Corporation.

Top Indian component companies were in the fray, including Ashok Leyland and Rico Auto. Many Indian names had been approached by investment bankers for the company, including M&M and Bharat Forge. Later, they stayed away.

Sources say Componenta is paying euro111m for its 55% stake in Doktas. The company’s remaining 45% shares are publicly traded on the Istanbul Stock Exchange. Part of the $18.7bn Turkish conglomerate Koc, Doktas has sales of euro209m and a compounded annual growth rate (CAGR) of 25% for the past three years. Its revenues were euro107m in ’02.