Economic Times reported that the USD 1.3 billion Amtek Auto Group, one of the largest integrated auto component manufacturers in India is close to acquiring NeumayerTekfor Group of Germany. Amtek could pay as much as USD 500 million to consummate the deal which would make it 1 of the world's largest global forging and integrated machining companies with a consolidated capacity of 1 million tonne per year.
Once the transaction is completed Amtek's turnover will be close to USD 2 billion. This is the second significant acquisition by an Indian auto component company in the recent past.
Last year Delhi based Motherson Sumi Systems Ltd acquired Peguform a German auto component company with a turnover of USD 1.37 billion.
Amtek Group chairman Mr Arvind Dham refused to disclose the deal size. He said that "The amount will be disclosed in May. We are close to the deal and would announce the acquisition of Tekfor in some time.”
Mr Dham said that “It's a suitable fit and this new acquisition would complement our manufacturing platforms to make Amtek a global entity in the forging and other allied businesses.”
Source - Economic Times