NEW DELHI: Automotive component maker Amtekek Auto Asahi is set to be acquired by Tec Corporation cast iron, forging, machining business for an undisclosed amount.

Amtek Auto Ltd (AAL) has entered into a share purchase agreement with Japan-based Asahi partnership Tec Corporation to acquire various group companies engaged in casting, forging, and iron and steel fabrication business, according to documents filed with the BSE.

“The transaction will be completed through AALLL overseas subsidiaries already,” it said. He added that the acquired companies have a number of manufacturing plants in Japan, Thailand and China, and have long-standing partnerships with “blue chip” original equipment manufacturers.

For the year ended December 31, 2014, Amtek Auto announced revenues of Rs 111.89 crore and a net profit of Rs 700 crore. In 2013-14, the company achieved a revenue of Rs. 399.97 crore and a net profit of Rs. 32.33 crore.