The company will acquire 1.54% stake Brakes from foreign promoter ZF International UK for consideration of Rs70cr.
Led by the acquisition of WABCO Holdings by ZF Friedrichshafen AG (ZF AG), Germany, the CCI directed ZF International which is a subsidiary of ZF AG, to disinvest their entire stake of 49% held in Brakes India.
That said, India Motor's acquisition in Brakes India is according to the disinvestment steps undertaken by ZF.
Thereby, India Motor would be executing a share purchase agreement with ZF International to effect the acquisition of shares subject to necessary regulatory approvals.
The transaction is likely to be completed in about four months.
On Sensex, India Motor ended at Rs703.50 per piece down by 0.8%.