Craftsman Automation seals crucial deal with Kedaara Capital Fund & Sunbeam Solutions

By Team Startupcity  |  Tuesday, 25 June 2024, 08:49 IST

Craftsman Automation seals crucial deal with Kedaara Capital Fund & Sunbeam Solutions
Craftsman Automation announced on Monday (June 24) that it has entered into a Memorandum of Understanding (MoU) with Sunbeam Lightweighting Solutions Private Ltd and Kedaara Capital Fund II LLP.
As per a filing with the stock exchange, Craftsman Automation Limited (Company) has recently signed a Memorandum of Understanding (MoU) with Sunbeam Lightweighting Solutions Private Limited (Sunbeam) and Kedaara Capital Fund II LLP (Kedaara) to potentially acquire either the entire or a portion of Sunbeam's business in multiple phases, with the exception of certain specified assets located in Gurugram.
Craftsman's intention to acquire all or a portion of Sunbeam's business in one or multiple installments is detailed in the Memorandum of Understanding (MoU), with the exception of certain assets located in Gurugram.
The completion of due diligence, approval from Craftsman's Board of Directors, execution of definitive documents, and fulfillment of other customary legal requirements are all necessary conditions for the proposed transaction to proceed.
Craftsman Automation said that, the Proposed Transaction of this MoU is still contingent upon, among other things, the completion of due diligence, final approval from the Company's Board of Directors, the execution of definitive documents, and the fulfillment of other standard conditions as mandated by law.
Craftsman Automation holds the dominant position in India's M&HCV and construction equipment industries as the leading manufacturer of cylinder blocks and cylinder heads.Sunbeam, on the other hand, a prominent player in the Aluminium Die Casting industry in Asia, is dedicated to producing high-quality components and assisting the automotive sector in creating exceptional products.
Shares of Craftsman Automation Ltd ended at 4,815.80, down by 25.75, or 0.53% on the BSE.
 

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