NEWS: Super auto to pull back its stake in russia venture
Tuesday March 30, 2010, Economic Times, Page no. 8
Super auto to pull back iots stakes in russian venture. Super auto is a Chennai based auto component tier-1 supplier, has decided to pull back its entire 40% stake in venture Arya Super auto forge. It manufactures cold forge components for automotives Oil and Gas industries in Russia and Overseas .
Five years ago, Super auto made a distinction of being the first Indian Engineering company to establish a manufacturing unit in Russia. The total investment of Rs 160 Cr was employed in this project.
Now they are willing to disinvest 40 % of stakes that is Rs 64 Cr. the reasons behind this is firstly, they want to focus on domestic market which is evolving. Secondly, global slowdown. Arya Super auto forge got an order of Rs 16 Cr for past 4 concecutive years but in 2008 they only got an order of Rs 4.5 Cr which was a drastic change according to the company and now they are planning in bringing back the money to India
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