The transaction is expected to be completed on or before August 31.
This strategic acquisition, which involves a related party transaction, has also received approval from the audit committee. The purchase price is set at ₹296.65 per share.
Post-acquisition, the company’s shareholding in Axles India will increase from 9.51% to 12.51% of the paid-up share capital, strengthening its position in the manufacturing sector—particularly in the production of axle housings for commercial vehicles.
Axles India, established in 1980 as a joint venture among Wheels India Ltd., Sundaram Finance Ltd. and Eaton Ltd (USA), has a rich history in the auto components industry. In 2000, Sundaram Finance Holdings Ltd. acquired Eaton’s stake and in 2020, an additional stake was acquired from Dana Holdings by Forge 2000 Private Ltd., which is now divesting to Wheels India.
For the financial year ending March 31, 2025, Axles India reported a turnover of ₹847 crore, up from ₹465 crore in FY 2023–24 and ₹400 crore in FY 2022–23, reflecting steady growth.
