New Delhi, June 19 -- The Ashok Piramal group has agreed to sell its high-speed steel cutting tools business to Dormer Pramet, an arm of Sweden's Sandvik Machining Solutions.

The deal is expected to close by the September quarter, the two companies said in a joint statement on Friday. Financial details of the deal were not disclosed.

"The acquisition is aligned with our focus on strengthening our round tools offer while adding greater production capacity and flexibility to support long-term growth," said Lars Bergstrom, president of Sandvik Machining Solutions.

The acquisition will boost Dormer Pramet's product offering and facilitates improved presence in key markets such as India, China, and South-East Asia through access to Miranda ...