Autoline acquires stake in Detroit for 7 mn dlr
Pune-based Autoline Industries on Friday said it has acquired a majority stake in US-based Detroit Engineered Products for 7.65 million dollars.
By PTI |
MUMBAI: Pune-based Autoline Industries on Friday said it has acquired a majority stake in US-based Detroit Engineered Products for 7.65 million dollars.
Autoline will make payment for the 51 per cent stake in the overseas firm through a combination of debt and equity.
"This acquisition would enable Autoline to ride successfully the global auto design outsourcing trend by offering cutting edge solutions for automotive components to Indian and global manufacturers," company's Chairman Gopal Patwardhan said.
"With this strategic initiative alongwith the others we believe that Autoline will have a footprint in all the major automobile OEMs (original equipment manufacturers) of the world," he said.
The merger would help the companies to leverage their synergies.
Both the companies would continue to be managed by independent boards, a company statement said.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
