Setco Automotive’s board has approved purchase of entire stake (1,34,60,000 equity shares of Rs 10 each) from Lingotes Especiales, S.A. in company’s subsidiary Lava Cast at a total consideration of Euro 950,000 (approximately Rs 7.70 crore at current exchange rate).
After the purchase of said shares, Lava Cast will become 100% subsidiary of the company. The Board of directors of the company at its meeting held on April 10, 2019 has approved for the same.
Setco Automotive is a premier manufacturer of clutch products for the Automotive and hydraulic products for Construction Equipment Industry. In addition Setco also manufactures precision engineering components like complex and deep drawn pressings and forgings and castings that are machined and heat treated.
