India
Autoline acquires 51 pc stake in DEP for $7.65 mln
New Delhi | Friday, May 11 2007 20:35:12 IST
Autoline Industries Ltd (Autoline) today said it has acquired 51 per cent stake in US-based Detroit Engineered Products (DEP) global operations for 7.65 million dollars in a combination of cash and equity. This acquisition also includes Nuvent Technologies, a wholly-owned subsidiary of DEP located in Chennai. The merger will help Autoline utilise DEP's advanced engineering services capabilities for expanding their engineering, design and testing division. It will also provide an opportunity to leverage on the DEP's current customer base including major automakers and several top tier I suppliers in the US, Japan and Korea. ''The deal would enable us to successfully ride 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. Duke Equity Ltd, a Dubai International Financial Centre (DIFC) based private equity group, which holds a stake in Autoline Industries Ltd acted as an advisor and arranger for the transaction. DEP's products and services will continue to be branded and pushed aggressively in all markets served by operations of the group. Autoline manufactures sheet metal components and assemblies like brake assembly for LCVs, floor assembly for passenger vehicles and load bodies for Mini Trucks. -- (UNI) -- 11DC32.XML
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