Kanoria Chemicals & Industries is planning to enter into the automotive component business by acquiring 90% stake in Switzerland-based APAG Holding AG for over Rs 44 crore. The balance 10% stake will be acquired by 2014 on the basis of a pre-fixed pricing formula.
APAG Holding AG is the holding company of APAG Elektronik that develops and sells electronic and mechatronic modules and control devices for the automotive, consumer goods, power tool electronics and building automation industries.