Mumbai, April 26 -- Bharat Forge Ltd (BFL) has received approval from the Competition Commission of India to acquire 100% of equity shares of AAM India Manufacturing Corporation Private Ltd (AAMCPL).
BFL manufactures and supplies metal forging products and services to various sectors such as automotive, railways, defence, construction, mining, aerospace, marine, and oil & gas both domestically and globally. AAMCPL is a company involved in manufacturing and selling axles for commercial vehicles in India.
The proposed combination is an acquisition of 100% equity shareholding of the AAMCPL by BFL. AAMCPL has to complete certain requirements before the acquisition takes place: 1) It must split off its Pune business office and components business division and transfer them to one or more affiliated companies that are part of the same parent group (AAM Holdco) but are not AAMCPL.
2) Transfer e-axle assembly lines that are currently housed in AAM Auto Component (India) Private Limited to BFL.
The Commission approved the proposed combination subject to compliance of voluntarily modifications offered by the Parties. A detailed order of the Commission will follow.
Published by HT Digital Content Services with permission from Construction World.