Craftsman Automation Ltd on Friday, December 19, said its wholly owned arm, DR Axion India Pvt. Ltd., has signed a share purchase agreement to acquire a 100% stake in Suprash Developers Pvt. Ltd. for a total consideration of ₹146 crore to facilitate the setting up of a new manufacturing plant in Tamil Nadu.
As part of the transaction, DR Axion will also indirectly acquire Srikara Technologies Pvt. Ltd., a wholly owned subsidiary of Suprash Developers, the company said in an exchange filing.
Suprash Developers and Srikara Technologies will act as special purpose vehicles for the project and together own 52.83 acres of land at Araneri in Tamil Nadu.
The acquisition is aimed at strengthening Craftsman Automation’s manufacturing footprint as it expands capacity in the region.
For the September quarter, Craftsman Automation reported a consolidated net profit of ₹90.86 crore on revenue of ₹2,002 crore.
Shares of the company ended 0.4% lower at ₹7,042.50 on the National Stock Exchange on Friday.
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