Auto component maker Autoline Industries has acquired 49% stake in Italian companies SZ Design S.r.l and Zagato S.r.l. The acquisition has been done through its Cyprus-based subsidiary Koderat Investments Ltd. The stake has been picked up for for more than $13 million. Autoline has the option to further increase its stake to 60%.
Zagato is a automotive design company responsible for designing cars of the last century for companies such as Ferrari, Maserati, Bugatti, Bentley, Rolls Royce, Jaguar and Lamborghini. The shares of Autoline jumped up by 6.4% on this news, reaching a high of Rs 167 per share.
Autoline went public last year, raising Rs 75 crore through initial public offering. Autoline has done some overseas acquisitions also. It has acquired US-based Detroit Engineered Products last year for an undisclosed sum. Then it has also acquired 51% stake in special vehicle manufacturer Stokota NV for $16 million.