Shriram Pistons & Rings Ltd to Purchase Identified Assets from Sunbeam Lightweighting Solutions for INR 28 Crore

Shriram Pistons & Rings Ltd (SPRL) has entered into an Asset Purchase Agreement (APA) with Sunbeam Lightweighting Solutions Private Limited, a wholly-owned subsidiary of Craftsman Automation Limited, for the purchase of identified plant and machinery and related assets forming part of piston manufacturing line. The total cost of purchase is INR 28 Crore, plus applicable GST. The transaction is structured as a purchase of identified assets on a piecemeal basis, to be completed in two tranches, subject to fulfilment of conditions precedent as specified in the APA. The proposed transaction is in line with the Company’s principal line of business and is expected to enhance manufacturing capacity and improve operational efficiencies.