Nagpur Automotive Industries has acquired 100 percent stake in Adhunik Metalik’s forging subsidiary – Neepaz V Forge for Rs. 230 crore ($44 million)..Amarchand Mangaldas advised Adunik Metalik with a team led by Partner Kalpataru Tripathy along with Principal Associate Abhishek Guha and Associate Shruti Singh. .Desai Diwanji advised Nagpur Automotive with a team led by Associate Partner Raghav Mathur along with Senior Associate Jinni Sinha and Associates Asmita Chaturvedi and Nitya Chadha.The transaction is in line with Adhunik Group’s overall strategy to divest is non-core assets and focus on its core businesses..Neepaz has manufacturing facilities in Aurangabad to manufacture various automotive products like crank shafts, under brackets, steering knuckles, steering arms, tie rod arms, cam shafts, spindles and several other forgings for major OEMs like Tata Motors Ltd., Ashok Leyland, Mahindra & Mahindra, John Deere, Escorts and Dana Spicer..According to VCCircle, Adhunik had acquired V Cube Forge India Ltd for an undisclosed amount in September 2007 and later renamed it as Neepaz V Forge..Kolkata-based Adhunik is a $1 billion group with business interests in steel, power and mining. The group flagship Adhunik Metaliks is a public listed firm and counts amongst its investors Clearwater Capital Partners..Follow Bar and Bench channel on WhatsAppDownload the Bar and Bench Mobile app for instant access to the latest legal news.
