At meeting held on 22 March 2021
India Motor Parts & Accessories announced that the Board of Directors of the company at its meeting held on 22 March 2021 has approved the acquisition of 36,874 equity shares of Rs 100 each representing 1.54% in Brakes India (BIPL), a company engaged in the manufacture of braking systems for cars and commercial vehicles, from the foreign promoter, viz, ZF International UK, for a total consideration not exceeding Rs 70 crore.Pursuant to acquisition of WABCO Holdings by ZF Friedrichshafen AG (ZF AG) Germany, the Competition Commission of India has, vide order dated 14 February 2020, directed the foreign promoter BIPL, viz, ZF International UK (ZF), a subsidiary of ZF AG, to divest their entire stake of 49% held in BIPL. The said acquisition is pursuant to the divestment steps undertaken by ZF.
Accordingly, India Motor Parts & Accessories would be executing a share purchase agreement with ZF International UK for the purpose of effecting the acquisition of shares, subject to necessary regulatory approvals. Upon execution of the SPA and receipt of necessary approvals / compliance with condition imposed, if any , the proposed transaction is likely to be completed in about four months.
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