Rockman Industries Ltd, a part of Hero Group, has entered into a definitive agreement to acquire majority stake in Chennai-based Sargam Diecastings Pvt Ltd from Sargam Metals Pvt Ltd for an undisclosed amount.
Through this acquisition, Hero Group will mark its entry in Tamil Nadu.
Incorporated in 2008, Sargam Diecastings, an automotive component/aluminium die casting manufacturing company, which has its manufacturing facility located at Sipcot Industrial Complex, Cheyyar in Tamil Nadu.
It produces 7,500 tonnes of various aluminum and zinc alloys per annum. The firm's clientele includes Ford Motor, Bosch, Continental, Royal Enfield and Lucas-TVS.
New Delhi-based Rockman Industries, a Rs 1,500 crore company, manufactures aluminium die casting, machined and painted assemblies. It is one of the largest suppliers of drive chains and timing chain to the world's largest
two-wheeler company Hero MotoCorp (formerly Hero Honda). The company was founded in 2008 and operates as a subsidiary of Hero Investcorp Ltd, a privately held firm of the Hero Group.
KMPG acted as financial advisors to Rockman Industries. HSA Advocates advised Rockman Industries and Universal Legal advised Sargam Diecastings on this deal.
(Edited by Joby Puthuparampil Johnson)
