Gabriel India to acquire 30% stake in HL Klemove India for $98.44M

Gabriel India Limited announced its board's approval to acquire 3,78,44,999 equity shares in HL Klemove India Private Limited from HL Klemove Corporation. This acquisition, valued at USD 98.44 million (approximately ₹817 crore), will result in Gabriel India holding 30% minus one share of the target company's paid-up capital, making it an associate company. The transaction also involves entering into a Joint Venture Agreement (JVA) and a Share Purchase Agreement (SPA). HL Klemove Corporation will retain a 70% plus one share stake. Additionally, Anand Automotive Private Limited will provide corporate services to the joint venture. The target company, HL Klemove India, specializes in autonomous driving and automotive electronics solutions.