Craftsman Automation Limited (“Craftsman” or the “Company”), a manufacturer of machined powertrain components from iron and aluminium castings for automotive & industrial engineering sectors headquartered in Coimbatore, India, has announced the signing of a definitive agreement for acquiring the residual 24% stake in DR Axion India Private Limited (“DRAIPL”), subject to the terms and conditions mentioned in the agreement to acquire such stake. Upon completion of the transaction, DRAIPL will be a Wholly Owned Subsidiary of Craftsman.
Mr. Srinivasan Ravi, Chairman and Managing Director of Craftsman Automation Limited and DR Axion India Private Limited, India, said, “Further to our acquisition of 76% in DRAIPL in February 2023, Craftsman is consolidating its shareholding with further acquisition of the residual 24% stake in DRAIPL. While DR Axion Co Ltd, Korea, ceases to be an ultimate shareholder in the DRAIPL, it will continue to provide a technological collaboration for new product and technology development. We are excited to work with them in developing components for the Indian and global markets for existing and new customers.”
Mr. Lee Jeong-hoon, President of DR Axion Co. Ltd, Korea, said, “DR Axion Co Ltd, Korea, since its inception in 1977, has continued towards remarkable progress of auto parts industry with ceaseless passion on R&D and technology innovation. DR Axion Co Ltd, Korea has achieved this through absorbing advanced technologies over diversity business ties with world class firms. DR Axion Co Ltd, Korea, continues to have technological collaboration ties with DRAIPL for technology and products in the passenger car segment for the Indian and global markets.”
Mr. Kim Jong Seob, Joint Managing Director & CEO of DR Axion India Private Limited, India, said, “DRAIPL will deliver products and services to its customers with the same high quality standards of machine, men, material and method with the guidance and inputs from its parent, Craftsman and technological collaboration partner, DR Axion Co Ltd, Korea for all new product development and technology absorption.”
Shares of Craftsman Automation Limited was last trading in BSE at Rs. 4391.40 as compared to the previous close of Rs. 4438.50. The total number of shares traded during the day was 3318 in over 934 trades.
The stock hit an intraday high of Rs. 4468.00 and intraday low of 4340.00. The net turnover during the day was Rs. 14638388.00.
Source : Equity Bulls
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CraftsmanAutomation INE00LO01017 Agreement DRAxionIndia Source Link
