India Motor Parts & Accessories Ltd acquires shares in Brakes India Private Limited

Brakes India was founded in 1962 as a joint venture entity with T V Sundram Iyengar and Sons Private Limited (TVS) as the majority partner. Recently, joint venture partner ZF Friedrichshafen AG (ZF) acquired WABCO Holdings, Inc and due to the resultant competitive situation, ZF agreed to divest its entire shareholding in Brakes India to T V Sundram Iyengar and Sons Private Limited, Sundaram Finance Holdings Limited, Indian Motor Parts & Accessories Limited and Flometallic India Private Limited. Having successfully worked together for over five decades with joint venture partners, ZF will continue its technology license and supply agreements with Brakes India.

Brakes India is a leading supplier of braking systems in the Indian market and a global supplier of ferrous castings. It has a strong in-house R&D capability, world class manufacturing and supply chain operations with a reputation or providing high quality products. Over five decades, Brakes India has localized and assimilated global technologies through technology transfers. Brakes India is confident of fulfilling all obligations to customers and suppliers on existing and new businesses.

Shares of INDIA MOTOR PARTS & ACCESSORIES LTD. was last trading in BSE at Rs.802.65 as compared to the previous close of Rs. 778.55. The total number of shares traded during the day was 13376 in over 1716 trades.

The stock hit an intraday high of Rs. 869 and intraday low of 757.25. The net turnover during the day was Rs. 11010952.

Source : Equity Bulls

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