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Article Post-Budget Article: Impact on the Automotive Sector
The forward-looking approach adopted in the budget towards this sector has been in alignment with the government’s goals of promoting Aatmanirbhar Bharat and moving firmly towards net-zero carbon emissions by 2070, shares Saket Mehra in this insightful article in Financial Express.
Auto parts maker Suprajit Engineering Ltd Monday said that it has bought Wescon Controls, a US-based control cables maker, from Shell Topco Lp for an enterprise value of $44.4 million (about Rs295 crore).
Shell Topco is managed by Nova Capital, UK, a private equity fund.
Bengaluru-based Suprajit Engineering said the transaction was funded by cash and debt in the ratio of 50:50. Wescon supplies components to manufacturers such as John Deere, Toro Co. and Honda Motor Co.
While Grant Thornton India was the financial adviser to Suprajit on the transaction, Citibank NA was the financier for the transaction.
This article apeared in Live Mint on 13th September, 2016.
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