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Precision Camshafts acquires 51% in Emoss for Rs 58 crore

Press Trust of India  |  Mumbai 

Camshafts (PCL) today said it has acquired 51 per cent stake in for Rs 58 crore.

PCL, through its wholly-owned Dutch subsidiary (International) Holding, acquired 51 per cent equity shares of Netherlands for Rs 58 crore, the company said in a statement.

The acquisition has been funded through a combination of loan sanctioned by Bank of Baroda, and investments made by through its internal generation in Netherlands, according to the release.

"Emoss has visibility to scale business five times in the next four years," it said.

This is the third strategic acquisition by PCL in the last eight months.

"With the strings of recent acquisitions, PCL is now poised for a positive growth trajectory by entering into a niche electric market segment," said Yatin Shah, chairman and managing director, PCL.

Emoss manufactures and supplies complete integrated electric drivelines for trucks and buses to leading original (OEMs) and end-users including DSV, Ferrovial, Geesink Norba, Heineken, Mellor and Waste Management New Zealand.

Shah said this acquisition will not only diversify the company's product portfolio into the non-internal combustion segment, but also add another dynamic and growth oriented segment to its portfolio of acquired companies.

"The electric vehicle market has grown significantly over the past decade with a special emphasis on the commercial electric and niche services segment. We are looking at capturing a major share in this space," he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 18 2018. 18:35 IST