Shriram Pistons and Rings Ltd. has acquired an additional 62% stake in Takahata Precision India Ltd. for Rs 222 crore.
The company will acquire 75% of Takahata Precision India through its wholly owned subsidiary, SPR Engenious Ltd., it said in its exchange filing on Monday.
With this acquisition, the company increased its total stake in Takahata Precision India to 75%, up from 13% earlier.
To meet the “vision for diversification and growth in areas agnostic to Powertrain”, Shriram Pistons has decided to diversify its existing product portfolio into new areas in automotive and other industrial segments.
Takahata Precision India's existing portfolio and sizable market share in the segment in which it operates are the rationale behind the investment, the statement said.
Takahata Precision India is a precision injection-moulded component design and manufacturing specialist company, backed by Takahata Group, Japan.
Takahata Group offers a wide range of products, such as automotive parts, office automation equipment parts, optical equipment parts, residential facility parts and medical equipment parts.
Shares of Shriram Pistons and Rings closed 0.05% higher at Rs 1,000 apiece, as compared with a 0.10% decline in the benchmark Nifty 50 on Monday.
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