Spanish firm Gestamp to acquire 37.5% stake in TACO

Spain-based Gestamp Servicios SL will acquire 37.5 % stake in Automotive Stampings & Assemblies Limited, a Tata Group company for a consideration of around Rs. 36.31 crores. Gestamp would acquire up to 37.5% of the paid-up equity share capital of the company from one of the promoters, Tata AutoComp Systems Limited (TACO), and partly through an open offer to the shareholders at a price of Rs 94.96 per share.

Post acquisition, Gestamp along with TACO and Tata Industries Limited would become the promoters of the company. Yes Bank is acting as the financial advisor to Gestamp Servicios. After completion of the sale of shares as above, the company would become a joint venture of TACO and Gestamp. Gestamp and TACO would eventually have a 50:50 equity stake in the company.

Read The Economic Times article.

Sasken Technologies, Tata company form auto electronics JV

The Economic Times reports that Tata AutoComp Systems Limited (TACO), a Tata Group company, and Bangalore-based embedded communications solutions firm Sasken Communication Technologies Limited has announced a JV partnership to design, develop and market automotive electronics products for the global market. The JV, TACO Sasken Automotive Electronics Private Limited, would address both OEMs and aftermarket It will initially focus on automotive electronics products in the areas of telematics, infotainment and occupant convenience. The company will start its operations from a state-of-the-art product development centre in Bangalore.