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Amtek Auto has entered into a share purchase agreement with Japan-based Asahi Tec Corporation to acquire its various group companies.
These firms are engaged in the business of iron casting, forging and machining, the company said in a notification to the exchanges and added the transaction will be completed through the overseas subsidiary of AAL.
But the company did not specify any details about the cost or mode of acquisition.
The acquired companies has various manufacturing facilities located in Japan, Thailand and China having long-standing relationships with blue-chip OEMs. The key products manufactured by Asahi Tec Corporation include engine blocks, cylinder heads, front axle beams, crankshafts, turbocharger housings and other engine and suspension related iron, castings and forgings.
Shares of Amtek Auto was quoting at Rs 155.25, up 1.7 per cent on the NSE.
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