Tube Investments to get 67% stake in Kcaltech System India for Rs 62 cr

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Tube Investments to get 67% stake in Kcaltech System India for Rs 62 cr - Business Standard

Quick Summary:

The company has executed a definitive agreement for subscription of a 67 per cent equity stake in Kcaltech System India Pvt Ltd (KCAL India), a subsidiary of KC Altech Co Ltd, the Tube Investments of India (TII) said in a statement.

Murugappa Group firm Tube Investments of India Ltd on Thursday said it will acquire a 67 per cent equity stake in the Indian arm of South Korea's KC Altech Co Ltd for Rs 62 crore.

"This strategic acquisition will enable TII to strengthen its position in the growing automotive sector, particularly in the domain of aluminium tubes and parts used in heating, ventilation, and air conditioning (HVAC) systems for automobiles," it added.