Amtek Auto, an automotive component manufacturer that is based in Delhi has obtained a 26.3% stake in group Company Amtek India from the supporters in a contract worth Rs. 215 crore to merge industry under one flagship firm.
On Friday it said that the deal is part of an accord where public-listed Company Amtek Auto has approved to purchase a 40.2% stake owned by the promoters in another listed firm Amtek India at a price not more than Rs. 68 a share.
Arvind Dham promoted Amtek Auto group is working on its plans to acquire Raghu Hari Dalmia controlled OCL Iron and Steel Ltd (OISL).
An unidentified source from Amtek Auto said that the Delhi-based company is trying to acquire a steel company with captive iron ore and coal mines under its strategy of backward integration. However, the company declined to comment on the matter.