Adhunik Metaliks is selling it's forging subsidiary - Neepaz V Forge to Amtek Auto for R230Cr. According to ET, the deal includes R160Cr debt that Neepaz has on its books.
Amtek Auto was earlier talking to German steel maker Thyssenkrupp and Japan's Sumitomo Corporation for the stake sale.
Adhunik is expected to retain a minority stake in the forging unit and continue to supply raw materials from its Rourkela unit in Orissa to the forging plant located in Nagpur in Maharashtra.
Adhunik Metaliks had bought a majority stake in V Cube Forge India Ltd in August'07. The company was later renamed as Neepaz V Forge.
Neepaz V Forge Limited has manufacturing facilities Aurangabad to manufacture various automotive products like crank shafts, under brackets, steering knuckles, steering arms, tie rod arms, cam shafts, spindles and several other forgings for major OEMs like Tata Motors Ltd, Ashok Leyland, Mahindra & Mahindra, John Deere, Escorts and Dana Spicer.
It also supplies products to non automotive companies such as Tractors Engineers Ltd and Greaves Cotton.
This second divestment by Adhunik Metaliks in three months. In December, it sold 100% stake in Adhunik Power Transmission Limited to Deepak Cables India or an undisclosed amount.
Adhunik Metaliks is the flagship company of Adhunik Group of Industries. Adhunik Metaliks manufactures varieties of steel products like auto steels, bearing steels, spring steels, carbon steels, cold heading steels, shape steels, free cutting steels and stainless steel. The company has a manufacturing facility at Sundargarh District, Rourkela, Orissa.
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