PTI

Mumbai: Auto component maker Autoline Industries today said it will acquire 51% stake in US-based Detroit Engineered Products (DEP) Inc. for an undisclosed sum.

The Pune-based company has executed an agreement with the promoters of DEP Inc to acquire the stake as a strategic investor, Autoline Industries informed the BSE.

No other details of the acquisition were immediately furnished by the company.

Autoline Industries is a design, engineering and manufacturing solutions provider focused on sheet metal assemblies and formed tubular products, with integrated engineering, tool design and manufacturing facilities in Pune.

On the other hand, DEP Inc., a firm that specialises in Computer Aided Engineering (CAE) services and Computer Aided Design (CAD), has a subsidiary located in Chennai.

The latest acquisition announcement comes on the heels of Autoline Industries inking an agreement to acquire a 51% strategic stake in Belgium-based Stokota NV for Rs66.8 crore.

Autoline Industries raised about Rs75 crore through its initial public offering in January this year.

Meanwhile, the shares of Autoline Industries touched upper circuit at Rs238.95, up 10% from Wednesday’s closing of Rs216.70 on the Bombay Stock Exchange.