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Lucas TVS buys Indrad Auto Components

CHENNAI: Lucas TVS Ltd., a leading auto electrical manufacturing company, has acquired the manufacturing facilities and assets of Indrad Auto Components, a division of Sical Logistics Ltd., for Rs. 14.69 crore.

In a notification to the Bombay Stock Exchange, Ashwin Muthiah, Chairman of Sical Logistics, said, “the decision to sell the assets of the thriving business unit with 100 per cent business of various leading OEMs (original equipment manufacturers) was taken by Sical purely to demerge the non-logistics business, due to the change in business focus. “With this asset disposal, the total funds realised by Sical since the start of the disinvestment process in 2006 had gone up to Rs. 90.18 crore, the notification said.

The current sale, the notification said, did not, however, include the ‘GATE’ business of Indrad. The company has been in a ‘technology transfer’ agreement with GATE SRL, Italy, since 1997 to source ready components used in the manufacture of high wattage engine cooling modules. The facilities at Indrad were used for assembling and for completing process technology related activities before delivering the end-product to the customer.

In order to serve the customers in the best possible way, the company would be continuing its partnership with GATE, till further discussion was concluded with the collaborator and the customers, the notification said.

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