Amtek India to buy major stake in Germany’s Kuepper Group
26 Dec 2013
Amtek India, a leading provider of iron cast automotive components in the country, said late on Tuesday that it has entered into an agreement to acquire substantial business interests of the German Kuepper Group through its subsidiaries wholly-owned subsidiaries.
The small-cap Amtek has equity capital of Rs55.51 crore, with a face value per share is Rs2. The shares jumped by more than 11 per cent after the announcement.
The Kuepper Group is engaged in the business of iron and aluminium casting and integrated machining, with five manufacturing units across Germany and Hungary.
The transaction closing is subject to fulfilment of certain conditions, Amtek India said in a filing to the Bombay Stock Exchange.
Amtek India's net profit surged 86.9 per cent to Rs55.13 crore on a 48.9 per cent growth in net sales to Rs558.25 crore in the quarter ended 30 September 2013 over the same quarter of 2012.
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