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This story is from May 29, 2013
Sakthi Sugars sheds 35% stake in auto business
With the New York-based investment firm Castle Titanium choosing to exercise its conversion option, the shareholding of Sakthi Sugars in its auto parts subsidiary has come down to 65%.
COIMBATORE: With the New York-based investment firm Castle Titanium choosing to exercise its conversion option, the shareholding of Sakthi Sugars in its auto parts subsidiary has come down to 65%. Sakthi Auto Components (SACL), which was a wholly owned subsidiary of Sakthi Sugars, counts Maruti Suzuki, General Motors and Mahindra&Mahindra among its clients.
The company has not yet decided on offering a board seat for Castle Titanium, he said. SACL has annual revenues of Rs 1,200 crore and about 50% of this comes from its units based in Portugal.
Castle Titanium picked up 3.5 crore convertible preference shares in SACL for Rs 35 crore (at par) in 2007. "This is only a financial investment," said M Manickam, managing director, Sakthi Sugars.
The company has not yet decided on offering a board seat for Castle Titanium, he said. SACL has annual revenues of Rs 1,200 crore and about 50% of this comes from its units based in Portugal.
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