Autoline Industries steps out of deal with Belgian company
21 Jun 2007
Pune: Auto component manufacturer, Autoline Industries Ltd (AIL), has called off an Rs68-crore deal to acquire 51-per cent stake in Belgian company Stokota NV, terminating a MoU signed earlier this year in February.
According
to Gopal Patwardhan, director of AIL, the financials
were to be provided by Stokota were within a prescribed
timeframe to make a second trans-payment. "Since
the information was not given, the MoU automatically
lapses," he added.
According
to company officials, AIL was looking at alternative
proposals for contract manufacturing and technical
collaboration locally. Several foreign companies like
GM, Volkswagen and Daimler Chrysler are setting up
manufacturing facilities in the Chakan -Talegaon area
and the coampny has had many enquiries.
Last
month, AIL acquired 51-per cent stake in engineering
design company Detroit Engineered Products Inc (DEP)
of the US, for a total consideration of $7.65 million.