On Friday, December 19, Craftsman Automation Ltd announced that its wholly owned subsidiary, DR Axion India Pvt. Ltd., has entered into a share purchase agreement to acquire a complete 100% stake in Suprash Developers Pvt. Ltd. for a total amount of ₹146 crore, aimed at establishing a new manufacturing plant in Tamil Nadu.
Under the terms of the deal, DR Axion will also indirectly gain Srikara Technologies Pvt. Ltd., which is a wholly owned subsidiary of Suprash Developers, as noted in a filing to the exchange.
Both Suprash Developers and Srikara Technologies will serve as special purpose vehicles for the project, collectively owning 52.83 acres of land in Araneri, Tamil Nadu.
The acquisition aims to enhance Craftsman Automation’s manufacturing capabilities as it increases its footprint in the region.
For the quarter ending September, Craftsman Automation reported a consolidated net profit of ₹90.86 crore with revenues amounting to ₹2,002 crore.
On the National Stock Exchange on Friday, the company’s shares closed 0.4% lower at ₹7,042.50.
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