Autoline acquires Italian design firms
25 Sep 2008
Auto component maker Autoline Industries today announced having acquired a 49-per cent stake in two Italian firms for an undisclosed amount, through its wholly-owned Cyprus-based subsidiary Koderat Investments.
The company also said that it had entered into an agreement to raise its shareholding in Luxembourg-based Icon Develpoment SA to 60 per cent, without disclosing its current shareholding.
In a regulatory filing with the stock exchanges, it said Koderat Investments has acquired 49 per cent equity share capital of SZ Design Srl and Milan-based auto design firm Zagato Srl.
Zagato has worked for companies such as Ferrari, Maserati, Bugatti, Bentley, Rolls Royce, Jaguar and Lamborghini, Autoline said.
It other acquisitions include US-based Detroit Engineered Products last year, also for an undisclosed sum, followed by buying a 51-per cent stake in speacility heavy vehicles maker Stokota NV for $16 million.
Autoline raised Rs75 crore through an IPO. The company has eight manufacturing units including Pune,Uttarakhand, Abu Dhabi, and Indiana in the US.
.jpg "RBI keeps repo rate unchanged as focus remains on inflation")
.jpg "Indian Oil, Panasonic team up for lithium-ion cell production in India")
