ZF completes stake sale in auto parts firm Brakes India to TVS group cos

Foreign promoter ZF International UK Ltd has completed the sale of its stake in Chennai-based Brakes India Pvt Ltd, an auto parts arm of the TVS Group, to TV Sundram Iyengar and Sons Pvt Ltd, Sundaram Finance Holdings Ltd (SFHL), India Motor Parts and Accessories Ltd (IMPAL) and Flometallic India Pvt Ltd. SFHL and IMPAL are listed companies. ZF will continue with its technology licence and supply agreements with Brakes India. Recently, ZF acquired WABCO Holdings, Inc. Due to the resultant competitive situation, it agreed to divest its entire shareholding in Brakes India. IMPAL has acquired 36,874 shares, representing a 1.54% stake in Brakes India, for INR 69.99 crore. JSA advised Brakes India, TVS & Sons, IMPAL, Flometallic and SFHL on the deal.