 agencies
MUMBAI, Feb 24: Auto components major Bharat Forge on Thursday said it will acquire a 100 per cent stake in Coimbatore-based castings and machining company JS Autocast for an undisclosed amount.
"Bharat Forge, along with its subsidiary, BF Industrial Solutions, have ... entered into a definitive agreement to acquire JS Autocast Foundry India," the company said in a statement issued here.
The company did not disclose the size of the deal.
"Bharat Forge will acquire JS Auto for an upfront consideration (based on enterprise valuation adjustments) plus fixed deferred payment at the end of third year. The closing of the transaction is subject to customary closing conditions," it said.
Established in 2004, JS Auto is a leading and a preferred supplier of critical machined ductile iron castings for the wind, hydraulic, off-highway and automotive applications.
Over the past 5 years, the sales of JS Autocast has grown at a CAGR of 17.7 per cent and it recorded sales of Rs 259 crore in FY2021, the company said. |
