Amber Enterprises stock gains 2% after acquisition of 60% stake in Pravartaka

2 Feb 2022 , 10:12 AM

Amber Enterprises India Limited has entered into definitive agreements with Pravartaka Tooling Services and acquired a 60% stake in Pravartaka, which is in the business of injection mold tool manufacturing and injection molding components manufacturing for various industries.

The business is being acquired by Pravartaka from Pioneer Tooling Services (Pioneer) one of the leading injection moulding toolmaker and injection moulding components maker for consumer durable, automotive and electronics industry on a slump sale basis in the financial year 2021-22.

By virtue of the aforesaid acquisition of 60% stake in equity share capital of Pravartaka, the Pravartaka has become a subsidiary of Amber Enterprises India Limited with effect from February 1, 2022.

At around 10.15 am, Amber Enterprises India Ltd was trading at Rs3,577.55 per piece up by Rs80.05 or 2.29% from its previous closing of Rs3,497.50 per piece on the BSE.

“This acquisition will help our Company i.e. Amber Enterprises India Limited to have in-house capability of injection moulding tools manufacturing and grow its component segment with focus on providing more diversified solution of Injection molding component for industries such as automotive, electronics & consumer durable,” company said in a filing on Tuesday.