Tata group firm TRF, which already owned 51 percent stake in Singapore-based axle maker York Transport Equipment (Asia), has acquired the remaining 49 percent stake for 22.17 million Singapore dollar or about Rs 90 crore through its wholly owned subsidiary TRF Holdings Pte.
Pursuant to exercising the call option notice dated March 23, 2012, the company has acquired 1,23,66,198 ordinary shares, representing 49 percent of the issued and paid up capital of York Singapore on March 27, 2012.
Earlier, TRF had acquired 51% stake in York Transport from Baker Technology and had entered into call and put options agreement in October 2007.
York Singapore and its subsidiaries (York Group) is a $70 million conglomerate, producer of trailer axles, assemble trailer suspension kits and distributes truck and trailer components.
TRF, incorporated in 1962, belongs to Tata group and is engaged in the business of design, manufacture, supply, installation and commissioning of engineered-to-order equipment and systems.
