Pune-headquartered multinational company Bharat Forge said it acquired a 51% stake in Kolhapur-based metallic products manufacturing company Eternus Performance Materials for Rs 37.45 lakhs.
Eternus had a turnover of Rs 1.16 crore for the financial year 2017-18.
Eternus is in the business of high-end research and development oriented manufacturing of advanced composite products and precision machined metallic components.
Incorporated in 2012, Eternus is engaged in the business of providing advanced polymer products and offering services and consultancy related to designing, analysis, development, prototyping and manufacturing of high performance and other composite products and machined metallic products.
Post the acquisition of the shares, Eternus has become a subsidiary of Bharat Forges.
“The company acquired 83,226 shares of face value of Rs 10 each at a premium of Rs 35 with an aggregate consideration of Rs 37.45 lakhs”, Bharat Forge said.
Since Bharat Forge is also involved in defence and aerospace related businesses, the acquisition will enable both the companies in achieving mutual business synergies in the defence and aerospace segment, Bharat Forge said.
Established in 1961, Bharat Forge has its operations in automotives, power, oil and gas, construction & mining, locomotive, marine and aerospace industries.
