Adhunik Metaliks has entered into a share purchase agreement (SPA) with Nagpur Automotive Industries for sale of the company’s entire holding in one of its subsidiaries, namely Neepaz V Forge (India).

Clearwater Capital Partners-backed , has sold its forging subsidiary to Nagpur Automotive Industries Pvt Ltd for Rs 230 crore ($44 million). The transaction is part of strategy to divest the non-core ...

The fastest growing alloy, special and construction steel manufacturing company of India, Adhunik Metaliks Limited has also expanded its foothold in the areas of mining and power through subsidiaries.

Adhunik Metaliks Limited, sold its forging subsidiary, Neepaz V Forge, to Nagpur Automotive Industries Private Limited for Rs 230 crore ($44 million), outlaying a strategy to divest non-core assets.

Commenting on the development Adhunik Group Managing Director Manoj Kumar Agarwal said, "The group feels happy for his association with the organisation; under his expertise guidance and leadership, ...