Press Release4 May 2024, 08:35 pm
Craftsman Automation Completes Acquisition of DR Axion India Private Limited
AI Summary
Craftsman Automation Ltd has announced the completion of its acquisition of the remaining 24% equity share capital of DR Axion India Private Limited. Upon completion, DR Axion India will become a wholly owned subsidiary of Craftsman Automation. DR Axion, incorporated in 2006, manufactures aluminium cylinder heads and blocks, and auto components. The target company had a turnover of Rs. 1,24,615 Lakhs in FY 2023-24. This acquisition follows Craftsman's acquisition of 76% of DR Axion in February 2023.
Key Highlights
- Craftsman Automation completes acquisition of DR Axion India Private Limited
- DR Axion manufactures aluminium cylinder heads and blocks, auto components
- Acquisition of full ownership expected by June 2024
- Previously, Craftsman owned 76% of DR Axion
- DR Axion had a turnover of Rs. 1,24,615 Lakhs in FY 2023-24
- Both companies operate in the auto components space
- Acquisition strengthens Craftsman's presence in passenger vehicle segment
- Provides process synergies and access to DR Axion's customer base
- Entering e-mobility solutions market for passenger vehicles