1st SEPTEMBER 2015
Alicon Castalloy acquires Atlas Castalloy’s castings business
MUMBAI: Pune-based Alicon Castalloy, maker of aluminium alloy castings, today said it has acquired the castings business of Atlas Castalloy Ltd.
The deal includes transfer of plant and machinery of Atlas Castalloy against issue of equity shares to the existing shareholders.
The acquisition has been completed through an all-share deal, wherein existing shareholders of the acquired company have been issued 12.55 lakh equity shares of Alicon, a company statement said here.
Atlas Castalloy, which manufactures aluminium castings at its production facility at Chinchwad, Pune with a capacity of 6,000 MTPA, generated revenue of Rs 137 crore during financial year 2015.
“The acquisition will enable the company to achieve economies of scale with additional production capacities, optimal utilisation of resources and reduction in cost. This will give access to the company to expand its large customer base with addition of clients like Greaves Cotton Ltd, Royal Enfield Ltd, Piaggio and defence which are existing clients of Atlas Castalloy,” Alicon Group CFO Vimal Gupta said.