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Global auto parts maker ZF Group has sold 820,000 shares, equal to a 4.3 per cent stake, in its Indian subsidiary ZF Commercial Vehicle Solutions (ZF CVCS) India. The company said the move is aimed at increasing liquidity and financial flexibility to support its growth plans.
The sale will not affect ZF’s control of ZF CVCS India. ZF stated that it remains committed to keeping a strong majority stake in the subsidiary as part of its long-term strategy. ZF CVCS India is a leader in the Indian commercial vehicle supplier market and an important part of ZF’s global growth plans, the company added.
ZF CVCS India has performed well both operationally and financially. The company said the share sale will strengthen the financial flexibility of ZF, allowing it to invest in its further growth, and in the dynamically developing Indian market, it said.
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