 Chennai:
The Chennai-based TVS Autolec, which is in the process
of being merged with Sundram Fasteners, has upped its
stakes by 40 per cent to 70 per cent in the Malaysian
company, RBI Autoparts. The shares were purchased from
SYKT Rahman Brothers Cosortium, Malaysia, and will enable
Sundram Fasteners absolute control over the acquired Malaysian
company.
The
Board of RBI Autoparts has been reconstituted with Balraj
Vasudevan, managing director, TVS Autolec, having been
appointed as the company chairman.
RBI
Autoparts is a major supplier of auto components like
water pumps and oil pumps to the Malaysian car maker Proton.
RBI Autoparts
is also working on setting up an extended operation to
service the ASEAN region with its base in Malaysia taking
advantage of the Asean Free Trade Zone.
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