Financial Daily from THE HINDU group of publications
Sunday, May 29, 2005
Financial Daily from THE HINDU group of publications Sunday, May 29, 2005 |
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Corporate
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Mergers & Acquisitions Mahindra arm mulls acquiring Amforge unit Our Bureau
Mumbai , May 28 MAHINDRA Automotive Steels Pvt Ltd (MASPL), a newly formed subsidiary of Mahindra & Mahindra Ltd, is considering acquiring the Chakan unit of Amforge Industries Ltd. MASPL's board is slated to meet on May 30 to consider the proposal. The board of Mahindra & Mahindra (M&M) is also meeting on the same day to consider investments in MASPL in one or more tranches. When contacted, the company's spokesperson confirmed that MASPL is a new subsidiary under auto parts business of M&M. He declined to give details on the investments M&M plans to make in MASPL and the acquisition cost of the Chakan unit. The Chakan unit will be demerged from Amforge Industries and then acquired by MASPL. The board of MASPL will also appoint the legal advisor and valuer for the scheme of arrangement and to determine the terms of merger including consideration.
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