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Stock Report
Talbros Automotive Components Ltd to divest stake in JV for Rs. 81.8 crores
Posted On : 2023-12-22 17:19:12( TIMEZONE : IST )
Talbros Automotive Components Limited (TACL), an Auto Component player with a diversified portfolio of Gaskets, Heat Shields, Forgings, Suspension Systems, Antivibration Products & Hoses today announced that its Board of Directors have approved the Divestment of its entire 40% stake in its Joint Venture company Nippon Leakless Talbros. Post the stake sale by TACL, Nippon Leakless will own 100% of the Company. TACL will realize Rs. 81.8 crores for its entire 40% equity stake sale. (JV Company valued at Rs. 204.5 crores). This transaction is subject to certain conditions precedent and is expected to be completed in Q4FY24.
TACL intends to utilize the proceeds for its future capex and expansions. The JV Company, Nippon Leakless Talbros was formed in 2005 with TACL owning 40% and Nippon Leakless owning the balance 60%. The JV Company manufactures Gaskets for major 2-wheeler OEMs in India and achieved standalone Sales of Rs. 86.2 crores in FY23 (At 100%).
The entire Board of Directors and Management Team of TACL takes this opportunity to thank the Nippon Leakless team for this successful partnership and wishes them success in their future endeavors.
Commenting on the above Mr. Anuj Talwar, Jt. Managing Director, Talbros Automotive Components Limited said: "In a strategic review of the business, the Board of Directors have approved the divestment of its entire 40% equity stake in Nippon Leakless Talbros.
There are immense opportunities in the Indian Auto component industry including our current product portfolio. We believe the proceeds of this stake sale will help us further enhance the true potential of our product portfolio and capabilities as also to explore new opportunities. The proceeds will also help us invest in Business to capitalize on the strong acceptance of our products and quality by both marquee Domestic and International Automotive OEMs."
