Amtek Auto has rallied 9% to Rs 77 in early morning deals after the company said it has acquired NeumayerTekfor Group of Germany for Rs 2,717 crore.
“The Company has entered into an agreement to acquire substantial business interests of Germany based Neumayer Tekfor Group, through its 100% subsidiaries,” Amtek Auto, auto component manufacturer said in a statement.
The NT Group is engaged in the business of forging and integrated machining having nine manufacturing units across Germany, Italy, U.S.A., Mexico, and Brazil. The turnover of the acquired business is around Euro 500 million, it added.
“Amtek could pay as much as $500 million (Rs 2,717 crore) to consummate the deal, which would make it one of the world's largest global forging and integrated machining companies with a consolidated capacity of 1 million tonne per year,” the Economic Times report suggests.
The stock opened at Rs 51.36 and hit a high of Rs 85.30 on NSE. As many as a combined 306,790 shares have changed hands on the counter in opening deals on NSE and BSE.
“The Company has entered into an agreement to acquire substantial business interests of Germany based Neumayer Tekfor Group, through its 100% subsidiaries,” Amtek Auto, auto component manufacturer said in a statement.
The NT Group is engaged in the business of forging and integrated machining having nine manufacturing units across Germany, Italy, U.S.A., Mexico, and Brazil. The turnover of the acquired business is around Euro 500 million, it added.
“Amtek could pay as much as $500 million (Rs 2,717 crore) to consummate the deal, which would make it one of the world's largest global forging and integrated machining companies with a consolidated capacity of 1 million tonne per year,” the Economic Times report suggests.
The stock opened at Rs 51.36 and hit a high of Rs 85.30 on NSE. As many as a combined 306,790 shares have changed hands on the counter in opening deals on NSE and BSE.
