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MACHINIST - Pierburg India acquires Bearings division of Kirloskar Oil Engines Ltd

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Home arrow News arrow Mergers and Acquisitions arrow Pierburg India acquires Bearings division of Kirloskar Oil Engines Ltd

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Pierburg India acquires Bearings division of Kirloskar Oil Engines Ltd
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Written by Sagar   
Saturday, 19 February 2011

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Mumbai: Auto component manufacturer, Pierburg India Pvt Ltd, a subsidiary of Germany's Rheinmetall, has acquired the bearings business division of Kirloskar Oil Engines Ltd for a consideration of Rs. 87 crore. The bearing division has manufacturing units in Khadki, Pune and MIDC, Ahmednagar.

The division and all it's assets, excluding the land and building, has been acquired as a going concern on a cash free and debt free basis.

Last year, as a part of it's restructuring, Kirloskar Oil Engines demerged it's engine and auto component business to Kirloskar Oil Engines Ltd (erstwhile Kirloskar Engines India Ltd). The company's windmill business, investments, assets and liabilities remained with Kirloskar Industries Limited.

The Business Transfer Agreement will be executed between Kirloskar Oil Engines Ltd and Pierburg India only after the approval of the shareholders of the Company. The Board of Directors have consented to conduct a postal ballot for seeking approval of the shareholders for the disposal of the division.

Pierburg India manufactures exhaust gas recirculating valves and vacuum pumps at it's plant in Pune. It's customers include BMW, GM, Volkswagen, Renault and Mahindra.

Last Updated ( Monday, 21 February 2011 )
 
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