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Corporate Updates: Key Acquisitions and Partnerships by ASK Automotive, Gabriel India, Shah Metacorp, and International Conveyors

Corporate Updates: Key Acquisitions and Partnerships by ASK Automotive, Gabriel India, Shah Metacorp, and International Conveyors

Summary of the Four PDF Documents

1. ASK Automotive Limited – Acquisition of Additional Stake in AISIN ASK India Private Limited

  • ASK Automotive acquired 1,02,00,000 equity shares of AISIN ASK India Private Limited for Rs. 10.2 crore on January 24, 2025.
  • Total shareholding in AISIN ASK now stands at 1,07,10,000 equity shares (51% of the paid-up share capital).
  • AISIN ASK India Private Limited, incorporated on July 30, 2024, focuses on marketing Independent After Market parts for passenger cars but has yet to commence operations.
  • The acquisition qualifies as a related party transaction under SEBI regulations, with ASK Automotive’s promoters also serving as directors in AISIN ASK.
  • Funds will be used to address AISIN ASK’s financial obligations and drive business expansion.
  • The transaction was completed with a cash consideration of Rs. 10 per share.

2. Gabriel India Limited – Asset Purchase Agreement with Marelli Motherson Auto Suspension Parts Private Limited

  • Gabriel India Limited (GIL) signed an Asset Purchase Agreement (APA) to acquire fixed assets and inventory from Marelli Motherson Auto Suspension Parts (MMAS).
  • The acquired assets pertain to shock absorbers, strut assemblies, and gas springs.
  • This move aims to enhance GIL’s suspension portfolio and forge a technology partnership.
  • MMAS, a joint venture between Marelli Europe S.p.A. and Samvardhana Motherson International Limited, reported a revenue of INR 2,603 million in FY 2023-24.
  • The deal, valued at approximately INR 600 million, is not a related party transaction and is subject to closing adjustments.
  • Completion is anticipated by Q1 FY2025-26.
  • The agreement also includes a license with Marelli Italy for manufacturing and distribution in India, alongside technical assistance.

3. Shah Metacorp Limited – Acquisition of Shares in Western Urja Private Limited

  • Shah Metacorp Limited acquired a 50.01% stake in Western Urja Private Limited, establishing it as a subsidiary.
  • The acquisition involved 50,010 equity shares at a face value of Rs. 1 each, totaling Rs. 50,010.
  • Western Urja Private Limited, established on November 3, 2010, operates in power, electricity, and energy production but has had no business activity or turnover in the past three years.
  • This acquisition is a related party transaction.
  • No regulatory or governmental approvals were required.

4. International Conveyors Limited – Acquisition of Shares in Balrampur Chini Mills Ltd.

  • International Conveyors Limited acquired 41,038 equity shares of Balrampur Chini Mills Ltd. for Rs. 1.97 crore on January 24, 2025.
  • The acquisition was purely for investment purposes and is not a related party transaction.
  • Balrampur Chini Mills Ltd., founded in 1975, is one of India’s largest sugar manufacturing companies, with a turnover of Rs. 5,593.74 crore in FY 2023-24.

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