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Tata AutoComp increasing stake in Automotive Stampings & Assemblies Ltd. Print E-mail
Written by Vivek   
Monday, 06 December 2010
Mumbai: Tata AutoComp Systems Limited has signed a share purchase agreement where it has agreed to purchase 37.5% stake in Automotive Stampings and Assemblies Limited (ASAL) from Gestamp Servicios, S.L of Spain for a price consideration of Rs. 89.50 per share.

"We have identified stampings as a core business area and the move is in sync with our overall growth strategy and we expect a significant growth in this business. ASAL has grown to a stage where it can offer a wide range of products and services to meet the evolving demand from the Indian automobile industry," said R S Thakur, ED & CEO, Tata AutoComp.

Automotive Stampings and Assemblies Limited is the only listed company in the Tata AutoComp portfolio. Once the transaction is completed, Tata AutoComp will own 75% stake in ASAL and the balance will be held by public.

With this acquisition, Tata AutoComp will have 5 subsidiaries and 6 joint ventures with leading auto-component majors. It has over 40 manufacturing facilities spread across India and China.

Over the past two years, Tata AutoComp has been rationalizing its portfolio and has divested its stake in 7 of its Business Units. This acquisition is a part of its consolidation strategy whereby Tata AutoComp will focus on select product lines and grow the businesses it has, in the future.

Its clients include Ashok Leyland, BMW, Fiat, Force Motors, Ford Motors India, General Motors India, Honda, John Deer, Mahindra & Mahindra, Mahindra-Navistar, Man, Mercedes-Benz, Nissan, Piaggio, Renault, Tata Motors, Toyota Kirloskar Motors Limited, Volkswagen and Volvo-Eicher. Tata AutoComp has own capabilities in Automotive Interior & Exterior Plastics, Composites and Engineering.

Automotive Stampings and Assemblies Limited (ASAL), is in the business of manufacturing and marketing automotive components and aggregates made from sheet metal. Some of its leading customers include General Motors, John Deere, Piaggio, Mahindra and Mahindra, Tata Motors and Volvo. ASAL has manufacturing facilities located in Pune, Halol and Pantanagar.

Last Updated ( Monday, 06 December 2010 )
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