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Adhunik Metaliks Ltd plans to sell its subsidiary Neepz V Forge (India) Ltd.
In a filing to the BSE, it said its board has decided to offload the company's entire investment in Neepz V Forge.
The subsidiary has forging and machining facilities at Aurangabad in Maharashtra to manufacture automotive products such as crank shafts, under brackets, steering knuckles, steering arms, tie rod arms, cam shafts, spindles and several other forgings. It supplies to Tata Motors Ltd, Ashok Leyland, Mahindra & Mahindra, John Deere, Escorts, Dana Spicer among others.
Neepaz also caters to the non-automotive sector. In this segment, Tractors Engineers Ltd and Greaves Cotton are among its major clients.
With the commissioning of a fully robotised 8,000 tonne press line at Neepaz plant, the installed production capacity has gone up to 56,000 tonne per annum. The expansion will help the company meet the entire demand of leading automobile players.
Adhunik Metaliks, however, did not disclose other details about the sale. The company's stock was quoting at Rs 44.55, up 2.65 per cent at noon on the BSE.
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