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NHK Automotive Components India (NHK India), a wholly owned subsidiary of NHK Spring Japan (NHK Japan) has agreed to purchase the BCL Springs Division of Bombay Burmah Trading Corporation as a going concern on a slum sale basis for Rs. 180.50 crore ($38.9 million). The sale is subject to obtaining regulatory approvals including approval from the Competition Commission of India.
Amarchand Mangaldas advised NHK with a team led by Principal Associates Nisha Uberoi and Anubhuti Agarwal along with Senior Associate Natashaa Shroff.
Udwadia & Udeshi advised Bombay Burmah with a team led by Partner Darius Udwadia along with Associate Partner Peshwan Jehangir and Associate Reema Merchant.
Sudit K. Parekh acted as financial advisors to NHK India and NHK Japan with a team led by Partner Deepti Ahuja. Speaking to Bar & Bench Deepti said, “This was a very friendly deal and was handled very efficiently by the lawyers”.
NHK has been associated with Bombay Burmah in this business for several years. This division is engaged in the business of manufacturing and marketing springs of various kinds for use in the automotive industry and the plant is located at Aurangabad, Maharashtra.
According to VCCircle, BCL currently deals in 1,400 types of spring and its clientele includes Maruti Udyog (Zen, Wagon R, Swift, Esteem and Alto), Suzuki Powertrain (new model diesel engines), TATA Motors (Indigo, Indica, Marina) and Hindustan Motors (Isuzu), among others.
Bombay Burmah is part of the Nusli Wadia Group, which has diversified business interests across airlines, plantations, foods, textiles, chemicals, laminates, electronics and light engineering, health care and real estate.
As part of its restructuring exercise to liquidate non-core operations, Bombay Burmah sold its Sunmica unit to Japan’s AICA Kogyo for Rs. 100.30 crore ($21.6 million).