Craftsman Automation has entered into definitive agreement to acquire the remaining 24% of equity share capital ie., 2,70,83,884 of Rs 10 of DR Axion India, a Material Subsidiary of the Company. This acquisition is subject to certain conditions mentioned in the definitive agreement. Upon completion of the transaction, DR Axion India (DRAIPL) will be a Wholly Owned Subsidiary of the Company. Cost of acquisition is Rs 250 core. The acquisition is expected to be completed by June 30, 2024.
Craftsman Automation is a diversified engineering company engaged in: (a) Automotive - Powertrain and Others, (b) Automotive - Aluminium Products, and (c) Industrial and Engineering segments.
