Autoline acquires Italian design firms
25 Sep 2008
Auto component maker Autoline Industries today announced having acquired a 49-per cent stake in two Italian firms for an undisclosed amount, through its wholly-owned Cyprus-based subsidiary Koderat Investments.
The company also said that it had entered into an agreement to raise its shareholding in Luxembourg-based Icon Develpoment SA to 60 per cent, without disclosing its current shareholding.
In a regulatory filing with the stock exchanges, it said Koderat Investments has acquired 49 per cent equity share capital of SZ Design Srl and Milan-based auto design firm Zagato Srl.
Zagato has worked for companies such as Ferrari, Maserati, Bugatti, Bentley, Rolls Royce, Jaguar and Lamborghini, Autoline said.
It other acquisitions include US-based Detroit Engineered Products last year, also for an undisclosed sum, followed by buying a 51-per cent stake in speacility heavy vehicles maker Stokota NV for $16 million.
Autoline raised Rs75 crore through an IPO. The company has eight manufacturing units including Pune,Uttarakhand, Abu Dhabi, and Indiana in the US.