Amtek Auto to pick up stake in Germany's Neumayer Tekfor

Amtek Auto Ltd will acquire "substantial business interests" of Germany's Neumayer Tekfor (NT) Group, the auto component maker said on Monday.

Without disclosing any financial details, the company said, "It entered into an agreement to acquire substantial business interests of Germany based Neumayer Tekfor Group, through its 100 oer cent subsidiaries."

"The transaction closing is subject to fulfillment of certain conditions which are expected to be completed by end of May 2013," Amtek Auto said in a filing to the BSE.

The NT Group is engaged in the business of forging and integrated machining and have nine manufacturing units across Germany, Italy, US, Mexico, and Brazil.

"The turnover of the acquired business is around Euro 500 million," the filing added.

Amtek Auto stock was quoting at Rs 76.30 on the BSE during afternoon trade on Monday, up 7.54 per cent from its  previous close.