Craftsman Automation has entered into a definitive agreement to acquire 8,57,65,631 equity shares representing 76% of the total paid-up equity share capital (fully diluted basis) of DR Axion India (DRAIPL). Upon completion of the transaction, DR Axion India will be a subsidiary of the company. The Company and DRAIPL both operate in the auto components space and have strengths in complementary areas. The acquisition will help both entities leverage their strengths and build better synergies. The acquisition is expected to be completed before March 31, 2023. The Cost of acquisition is Rs 375 crore.
Craftsman Automation is a diversified engineering company engaged in: (a) Automotive - Powertrain and Others, (b) Automotive - Aluminium Products, and (c) Industrial and Engineering segments.
