Craftsman Automation Ltd. announced that it will pay Rs. 3.75 billion to acquire a 76% share in DR Axion India Pvt., in an exchange filing.
Another car component producer with a location in Chennai is DR Axion. It produces aluminium cylinder heads, a vital auto part utilised as the engine's outer casing in passenger automobiles.
According to Craftsman Automation, the agreement will enable both businesses to maximise their advantages and cut costs.
By the end of March of the following year, the all-cash transaction is anticipated to close, at which point DR Axion will become a division of the business. The company generated a turnover of 7.16 billion rupees in 2021–2022 (April–March).
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