Chennai-based El Forge today said its board of directors has approved the acquisition of UK-based Shakespeare Forgings.The board of directors of El Forge, approved the acquisition of majority stake in Shakespeare Forgings, which reported a turnover of 4.5 million pounds for the year ended december 31, 2004, K V Ramachandran, managing director, El Forge, said.He said the amount to be paid for the acquisition would be finalised in a month. El Forge, which reported a turnover of Rs 52 crore in the first three quarters of 2004-05, would raise the acquisition amount mainly through internal accruals, Ramachandran said.Shakespeare Forgings, Birmingham, is a forgings company catering to the automotive, agricultural, mining and other segments in the UK. "Apart from giving a ready access to the UK market, the management belives that consequent upon this acquisition, the turnover from this platform can be significantly enhanced in the coming years," he said.The board has appointed a sub-committee to finalise the terms and modalities of the acquisition, which is subject to requisite statutory approvals, according to a press release issued by the company today.
