Cummins India has received an approval to increase the existing shareholding in Cummins Svam Sales & Service (JV Company) from 50% to 100%, subject to the due diligence and the purchase consideration not exceeding Rs 6.5 crore. The acquisition on completion will make the JV Company a wholly owned subsidiary of the company.
The board of directors at their meeting held on May 28, 2015 has approved for the same. The board considered this proposal under any other item of the agenda.
Cummins India is leading manufacturer of diesel and a subsidiary of Cummins Inc USA, the world’s largest independent diesel engine designer and manufacturer of engines above 200 HP.