Autoline to acquire 51% stake in US-based firm

Auto component maker Autoline Industries will acquire 51% stake in US-based Detroit Engineered Products (DEP) Inc for an undisclosed sum.

According to a release issued to the BSE today, the Pune-based company has executed an agreement with the promoters of DEP Inc to acquire the stake as a strategic investor. No other details of the acquisition were immediately furnished by the company.

Autoline Industries is a design, engineering and manufacturing solutions provider focused on sheet metal assemblies and formed tubular products with integrated engineering, tool design and manufacturing facilities in Pune.

DEP Inc specialises in computer aided engineering (CAE) and computer aided design (CAD) services, and has a subsidiary in Chennai.

The latest acquisition comes on the heels of Autoline Industries inking an agreement to acquire a 51% stake in Belgium-based Stokota NV for Rs 66.8 crore.

Autoline Industries had raised about Rs 75 crore through its initial public offering in January this year.

The shares of Autoline were frozen at its upper circuit at Rs 238.95, up 10% from Wednesday's close of Rs 216.70 on the Bombay Stock Exchange.