Metallurgica Siderforge s.r.l. has acquired majority stake in Mysore-based AMW-MGM Forgings Pvt Ltd for Rs 160 crore ($29.4 million). The transaction included a primary issue, as well as purchase of promoter’s stake in a secondary component of the deal.
J Sagar Associates advised and assisted Metallurgica Siderforge s.r.l. in this transaction while AMW, the majority shareholder, was represented by AZB & Partners.
AMW-MGM Forgings was founded in 2008 through the amalgamation of MGM Forgings Pvt Ltd and AMW Ltd. MGM Forgings had been in the business for around three decades while AMW was part of the forging business unit of Asia MotorWorks (AMW). AMW is a heavy commercial vehicle manufacturer and the company was set up by Anirudh Bhuwalka, nephew of Essar Group’s Shashi Ruia.
AMW-MGM’s forging products are used by several industries such as automotive, nuclear power, mining and defence.
Metallurgica Siderforge also specialises in forgings and its product portfolio includes rolled rings, open and closed die forgings, in-carbon, alloy and superalloy, stainless, duplex and superduplex.
(Edited by Sanghamitra Mandal)
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