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M&M acquires U.K. forging company
By agencies
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Wednesday, 04 January 2006, 20:30 IST
MUMBAI: One of IndiaÂ’s biggest commercial vehicle manufacturers Mahindra and Mahindra has acquired a 98.6 percent stake in the U.K. based automotive forging company, Stokes Group Ltd, from its existing shareholders.
The acquisition strengthens the Mahindra Systems and Automotive Technologies that aims at offering a full range of services from design to delivery covering engineering services, strategic sourcing of components and supplying of auto component as a Tier 1 manufacturer.
Stokes Group includes three companies with two manufacturing locations at Walsall and Dudley, near Birmingham in the U.K. and its major customers are Koyo Bearings, GWK Group, Land Rover, Bosch, Visteon, Ford and Jaguar among others.
"We believe the Stokes acquisition demonstrates our commitment to build a world class business that serves its global customers and enhances value for M&M's stakeholders," M&M, vice chairman and managing director, Anand Mahindra, said.