Castings producer Smiths and Founders India (SMFIL) is in the advanced stage of talks for a strategic tie-up with a couple of European automobile ancillary companies for exports of auto ancillaries.
Confirming the development, a company official said, “Once the terms of the strategic tie-up are finalized, SMFIL would divest a part of its stake in the company to raise funds for setting up a modern casting facility at its existing unit in Karnataka. Apart from that, the company will also utilize a part of the fund for retiring its debt.”
With 2.66 percent decline, SMFIL share closed on Thursday at Rs 9.15 apiece on the BSE.
SMFIL is currently engaged in manufacturing of castings, forgings and machined component used in automobile, agriculture, mining, power transmission and hydraulic sectors. The company has a market cap of Rs 93.33 crore.
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Source: Business-Standard
