Japanese automobile components maker Shiroki Corp has restructured its existing partnership with Haryana-based Technico Industries Ltd where it has taken a majority stake in a part of the business of the local partner, the firm said on Friday.
The deal was announced last year and has now been executed.
Shiroki Corp had forayed into India through a minority stake in Technico Industries in 2007. Last year, Shiroki Corp decided to split the business with a majority stake in the window and seat regulator manufacturing segment.
It has bought just over 50 per cent stake in the newly spun-off JV entity, Shiroki Technico India Pvt Ltd. Remaining 49 per cent in the JV will be held by Technico.
Technico will separately and independently manage the other business unit—hinges and sheet metal components.
The two companies will be investing Rs 150 crore over two years in Shiroki Technico India, with the support for sheet metal related operations provided by Technico and Shiroki providing the latest technology and design support to the JV.
Shiroki Corp, an affiliate of Toyota Motor Corp, is into manufacturing of window regulators, seat sliders, hinges and other auto components.
BMR Advisors acted as transaction advisor to Shiroki, while Global Advisors (Singapore) was advisor to Technico. BMR Legal acted as the legal advisor for the transaction.
(Edited by Joby Puthuparampil Johnson)
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