Indian supplier Bharat Gears acquires Xlerate Driveline
Acquisition strengthens Bharat Gears’ manufacturing presence in India
Indian supplier Bharat Gears has acquired local clutch plate manufacturer Xlerate Driveline India from Raunaq EPC International Limited (REIL), the company said in a filing to the Bombay Stock Exchange (BSE) last week. “Board of Directors, on July 2, approved the acquisition of 14,877,038 equity shares constituting 100% of the equity paid-up capital of Xlerate Driveline India Limited,” the company said in its filing. The company paid INR94.2 million (USD1.37 million), at a price of INR6.33 per share. The acquisition is expected to complete by 31 October 2019.
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