M&A

M&A

Craftsman Automation to acquire 76% in autocomp player DR Axion for Rs.375-Cr

BSE Disclosure  

Publicly listed, Coimbatore-headquartered Craftsman Automation Ltd is to acquire a 76% stake in Chennai-based DR Axion India Pvt Ltd (DRAIPL) - the Indian unit of South Korea-based DR Axion - for INR 375 crore. Incorporated in December 2006, DRAIPL manufactures aluminium cylinder heads, an auto component used in passenger vehicles as the outer shell of internal combustion engines. The company has a single manufacturing facility in Chennai. Its customers include automobile original equipment manufacturers selling passenger vehicles. For FY22, DRAIPL reported revenue of INR 716 crore.