Financial Daily from THE HINDU group of publications
Friday, May 21, 2004
Financial Daily from THE HINDU group of publications Friday, May 21, 2004 |
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Corporate
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Announcements Ucal Fuel drops plan to acquire Escorts Auto Components Our Bureau
Chennai , May 20 UCAL Fuel Systems Ltd has dropped its plans to acquire Escorts Auto Components Ltd, the company informed the stock exchanges on Thursday. Last month, Ucal Fuel had announced its plans to acquire the stake held by majority shareholders of Escorts Auto Components. When contacted, Ucal Fuel Systems officials said that, "We could not arrive at proper terms of agreement and hence we decided to call it off." They said Ucal Fuel saw synergies in acquiring Escorts Auto Components, which has a factory near Faridabad. Escorts Auto Components makes carburettors based on Mikuni technology, which would have been a good fit for Ucal, the sources said. Ucal Fuel Systems makes two-and four-wheeler carburettors in technical and financial collaboration with Mikuni of Japan. It is a leading supplier to companies such as Maruti Udyog, TVS Motors, Bajaj, Hero Honda and Yamaha. Ucal Fuel is also a leading exporter to Mikuni.
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