Craftsman Automation extends asset sale deadline to June 2026 with Rs 28 crore deal

Arunika Jain — Fri, 27 Mar 2026 12:17:35 +0000

Craftsman Automation has announced an extension of the long stop date for its asset sale agreement with Shriram Pistons & Rings Limited (SPRL) to 30th June 2026. The agreement, initially set to conclude by 31st March 2026, involves the sale of certain identified plant and machinery related to the piston manufacturing business by Sunbeam Lightweighting Solutions Limited, a wholly owned subsidiary of Craftsman Automation.

The asset purchase agreement (APA) was first signed on 19th December 2025, with an amendment made on 27th March 2026 to accommodate the new timeline. The transaction is structured to occur in multiple tranches, with the second tranche expected to close by the revised deadline.

The total consideration for the transaction is Rs 28 crore, exclusive of applicable GST. Sunbeam Lightweighting Solutions has already received ₹10 crore as part of the first tranche completed on 31st December 2025. The remaining ₹18 crore will be paid upon the completion of the transaction by 30th June 2026.

SPRL, the buyer, is not part of the promoter group or related parties of Craftsman Automation. The transaction is conducted at arm’s length, ensuring compliance with the relevant regulations.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Shriram Pistons & Rings to acquire three Grupo Antolin entities in India for Rs 1670 crore

Aman Shukla — Fri, 05 Dec 2025 02:58:05 +0000

Shriram Pistons & Rings Limited (SPRL) has announced a significant strategic move with the signing of a Share Purchase Agreement to acquire Antolin Lighting India Private Limited (T1), Grupo Antolin India Private Limited (T2), and Grupo Antolin Chakan Private Limited (T3). The sellers—Grupo Antolin Irausa, S.A.U. and Grupo Antolin Ingenieria, S.A.U.—will transfer full ownership of these entities to SPRL following the completion of closing conditions.

Overview of the Proposed Transaction

The transaction covers the direct and indirect acquisition of 100% of the outstanding shares of all three target companies. SPRL will discharge the consideration entirely in cash. T3, being a subsidiary of T2, will be acquired indirectly, with one additional share purchased directly.

The aggregate enterprise value for the acquisition has been set at EUR 159 million (approximately ₹16,700 million). The final purchase price will be determined at closing after adjustments related to cash, debt and working capital.

Business Profile of the Target Entities

Antolin Lighting India Private Limited (T1), incorporated in 2023, focuses on automotive interior lighting solutions. It has demonstrated rapid growth, recording revenue of ₹1,237 million in FY 2024–25.

Grupo Antolin India Private Limited (T2), established in 1996, is a leading supplier of automotive interior components such as headliner substrates, modular headliners, sunvisors, door panels and centre floor consoles. It reported revenue of ₹7,159 million in FY 2024–25.

Grupo Antolin Chakan Private Limited (T3), incorporated in 2008, manufactures key interior components and reported revenue of ₹3,395 million in FY 2024–25.

All three entities serve prominent Original Equipment Manufacturers (OEMs) across India.

Strategic Rationale for the Acquisition

This acquisition supports SPRL’s long-term objective of expanding its presence across the broader automotive components space, particularly in areas not linked to powertrain technologies. By integrating Grupo Antolin’s interior-system capabilities, SPRL aims to:

• strengthen its position in the Indian automotive components market,
• diversify into high-value interior products, and
• create sustainable long-term value for its stakeholders.

As part of the transaction, SPRL will also enter into a Technology Licensing Agreement with Grupo Antolin, ensuring ongoing access to advanced technologies and product development support.

Timeline and Closing Conditions

The completion of the transaction is expected by January 2, 2026, subject to fulfilment of the closing conditions outlined in the Share Purchase Agreement. No governmental or regulatory approvals have been identified as necessary for this acquisition.

Shriram Pistons & Rings | Business Upturn