Auto component maker Autoline Industries today said its has acquired 49 per cent stake in two Italian firms for an undisclosed amount.
The company has also entered into an agreement with Luxembourg-based Icon Develpoment SA to increase its shareholding in the latter to 60 per cent.
In a filing to the Bombay Stock Exchange Autoline Industries said its wholly owned subsidiary, Koderat Investments has “acquired 49 per cent equity share capital of SZ Design Srl and Zagato Srl”.
Zagato is a Milan-based automotive design company which has worked for companies such as Ferrari, Maserati, Bugatti, Bentley, Rolls Royce, Jaguar and Lamborghini, it said.
Autoline further added that “Koderat has also inked a deal with Luxembourg-based Icon Development SA, pursuant to which it would have the right to increase its holding to 60 per cent in the companies.”
It, however, did no disclose its current level of shareholding in Icon Development.
Source: Economic Times