labels: automotive components, m&a
Autoline Industries steps out of deal with Belgian companynews
21 June 2007

Pune: Auto component manufacturer, Autoline Industries Ltd (AIL), has called off an Rs68-crore deal to acquire 51-per cent stake in Belgian company Stokota NV, terminating a MoU signed earlier this year in February.

According to Gopal Patwardhan, director of AIL, the financials were to be provided by Stokota were within a prescribed timeframe to make a second trans-payment. "Since the information was not given, the MoU automatically lapses," he added.

According to company officials, AIL was looking at alternative proposals for contract manufacturing and technical collaboration locally. Several foreign companies like GM, Volkswagen and Daimler Chrysler are setting up manufacturing facilities in the Chakan -Talegaon area and the coampny has had many enquiries.

Last month, AIL acquired 51-per cent stake in engineering design company Detroit Engineered Products Inc (DEP) of the US, for a total consideration of $7.65 million.

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Autoline Industries steps out of deal with Belgian company