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Gujarat Setco Clutch has acquired the Lipe Clutch Division of the $10bn Dana Corporation of the US through its wholly owned subsidiary Setco Automotive (UK).The acquisition of Lipe is part of Setcos strategy to agressively enter global markets.Setco also announced that New Vernon private Equity has acquired a stake of 14.17% in the company through the issue of new equity shares of face value Rs 10 at a price of Rs 120 per share.A part of these funds will be used towards widening the global operations of Setco.Ind
Asia Fund Advisors was the sole advisor to Setco.Setco plans to expand operations to over 30 countries by 10.The internationally known Lipebrand will enable this,with its design,technical expertise and global quality,the company said.Setco will leverage its attributes of low cost manufacturing to create a sustainable global presence, company officals said.Setco was incorporated in 1982 and is the largest manufacturer of clutches for heavy and medieum commercial vehicles.
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| Posted : 12/14/2005 |
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