TACO acquires 37.5% more stake in Ge Gestamp Servicios

TACO acquires 37.5% more stake in Ge Gestamp Servicios
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First Published: Fri, Dec 03 2010. 06 26 PM IST
Updated: Fri, Dec 03 2010. 06 26 PM IST
Mumbai: Tata AutoComp Systems Ltd. (TACO), the auto component maker of Tata Motors Ltd, has doubled its stake to 75% by purchasing 37.5% stake or 38.24 lakh equity shares of its partner Ge Gestamp Servicios S.L for Rs 34.22 crore at Rs89.5 a share in Pune-based Automotive Stampings & Assemblies Ltd or ASAL which makes sheet metal components, the company informed the Bombay Stock Exchange on Friday.
Post this acquisition through an inter-se transfer of shares, where promoters exchange shares, ASAL will be a subsidiary of TACO. TACO has 5 subsidiaries and 6 joint ventures with global auto-component companies.
ASAL, the only listed company in the TACO portfolio, formed a venture with Gestamp in 2007. R S Thakur, ED & CEO, TACO said, ”We have identified stampings as a core business area and the move is in sync with our overall growth strategy.” Over the past two years, TACO has been rationalizing its portfolio and has divested its stake in 7 of its business units. Share price of ASAL rose 8.84% to end at Rs102.85 a share on Friday on the BSE.
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First Published: Fri, Dec 03 2010. 06 26 PM IST