Chennai: German auto main ZF Friedrichshafen AG (ZF) will divest its whole 49% stake in TVS Group firm Brakes India. “ZF has agreed to divest its whole shareholding in Brakes India to T V Sundram Iyengar & Sons, Sundaram Finance Holdings Restricted, India Motor Components & Equipment Restricted and Flometallic India Non-public Restricted,” mentioned a press release by Brakes India. When contacted, a ZF spokesperson mentioned the ‘deal worth is confidential’. Nevertheless this deal ‘is just not linked’ to ZF UK’s choice to promote 5 lakh shares of Wabco India which is now a part of the ZF group after the acquisition in Might 2020. “These shares are being offered again to the market pursuant to the Supply for Gross sales launched on June 22, 2021,” mentioned the ZF spokesperson.
Brakes India was based in 1962 as a three way partnership between T V Sundram Iyengar & Sons Non-public Restricted (TVS) and ZF. “Just lately, ZF acquired Wabco Holdings and because of the resultant aggressive state of affairs,” is now promoting out its holding in Brakes India, mentioned the assertion. “Having efficiently labored collectively for over 5 many years, ZF will proceed its know-how license and provide agreements with Brakes India,” added the assertion. Brakes India provides braking programs within the Indian market and is a world provider of ferrous castings.