MM Forgings Ltd. has fully acquired city-based Cafoma Autoparts Pvt. Ltd. for ₹33 crore, including subordinated debt of ₹5 crore.
The target company, which is now a wholly owned subsidiary of MMFL, is engaged in machining, manufacturing, buying, selling, supplying, export, import, distribute and deal in all shapes, sizes, weights and types of auto parts and engine parts as well as the pre, sub, group and final assembles, it said in a regulatory filing.
The investment would result in business synergy and enhance the current business operation of the company and its potential expansion. Last fiscal, the company reported turnover of ₹8 crore.