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Bharat Forge to acquire AAM India Manufacturing for Rs 5.44 billion
Industry News- Oct 22,24
The acquisition is subject to approval from the Competition Commission of India (CCI) and other customary closing conditions.
Bharat Forge Ltd. has entered into a definitive agreement to acquire AAM India Manufacturing Corporation Pvt. Ltd., a subsidiary of American Axle & Manufacturing Holdings. The deal is valued at Rs 5.44 billion, subject to closing adjustments.
AAM India specialises in manufacturing axles for light, medium, and heavy-duty commercial trucks and passenger buses in India. As part of the transaction, Bharat Forge will take over AAM India’s commercial vehicle axle operations in Pune and Chennai, along with its Pune-based Engineering and Development Center.
The acquisition is subject to approval from the Competition Commission of India (CCI) and other customary closing conditions.
Amit Kalyani, Vice Chairman and Joint Managing Director, Bharat Forge, expressed optimism about the acquisition, stating, “We look forward to leveraging their technical expertise and industry relationships to drive business growth in the medium to long term.”
David Dauch, Chairman and CEO, American Axle, said the sale is a strategic move that will allow the company to sharpen its focus on ICE, hybrid, and fully electric vehicle applications for pickup trucks and vans globally, while also enhancing financial flexibility.
(cnbctv18)
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