TRF acquires 49% stake in Singapore firm for Rs 90 cr

Tata group firm TRF today said it has acquired an additional 49% stake in Singapore-based axle maker York Transport Equipment (Asia) for about Rs 90 crore.

TRF, which already owned 51% stake in the foreign firm, has acquired the remaining 49% stake for 22.17 million Singapore dollar (about Rs 90 crore) through its wholly owned subsidiary TRF Holdings Pte.

"Pursuant to exercising the call option notice dated March 23, 2012, TRF Ltd has acquired 1,23,66,198 ordinary shares, representing 49% of the issued and paid up capital of York Singapore, through its wholly-owned subsidiary TRF Holdings Pte Ltd, Singapore on March 27, 2012 at SGD 22,178,255," the company said in a filing to the Bombay Stock Exchange (BSE).

Earlier, TRF had acquired 51% stake in York Transport from Baker Technology and had entered into call and put options agreement in October 2007.

York Singapore and its subsidiaries (York Group) is a $70 million conglomerate producer of trailer axles, assemble trailer suspension kits and distributes truck and trailer components.

The York Group inaugurated its biggest manufacturing plant in Pune in May, 2011.

Shares of TRF today closed 1.55% down at Rs 288.20 apiece on the BSE.