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Sintex acquires Automotive Products biz of Bright Brothers
Sep '07
Commenting on the acquisition, Mr. Amit Patel, Managing Director, Sintex Industries Ltd said, “This acquisition represents a significant step towards us establishing a strong presence in the domestic plastic auto component market."

"Bright Brothers Ltd is a consistently performing high growth company, with a portfolio of established products that have tremendous potential, catering to leading OEMs in the domestic automobile segment."

"The acquisition which is earnings accretive will add strongly to Sintex's consolidated topline as well as bottomline, due to commonly shared synergies."

"It would also enable us to gain access to new and credible customers in the automotive space and would qualify us as a reputed manufacturer and supplier of automotive plastics in addition to our existing non auto plastic components product suite.”

YES Bank Ltd was the exclusive strategic and financial advisor to Sintex Industries Ltd on the transaction. While Ambit Corporate Finance Pte Ltd acted as the exclusive strategic and financial adviser to Bright Brothers Ltd.

This transaction follows the recent USD 20.5 mn acquisition by Sintex of Wausaukee Composites Inc, USA, a manufacturer of highly engineered composite plastic components.

Sintex Industries Ltd will acquire the automotive plastics division of Bright Brothers Ltd through Bright Auto Plastic Private Limited, a downstream subsidiary of Sintex Industries Ltd.

Sintex will acquire the Company in the form of a slump sale purchase, for a transaction amount of approximately INR 1.49 billion. The slump sale includes purchase all 5 strategically located automotive component manufacturing plants in India.

The newly formed entity will retain all 400 employees from the existing workforce of the automotive division. Importantly, the current Promoters of Bright Brothers Ltd will lend strategic support to Sintex subsequent to the transaction.

Mr Suresh Bhojwani, Vice Chairman, Bright Brothers Ltd will take a position on the Board of Directors of Sintex's acquiring entity post completion of transaction. Sintex will be the beneficiary of Mr Bhojwani's experience in the plastic auto component business in India. Mr Bhojwani's support will also ensure a smooth transition of the business.

• Increase in Product Portfolio & Market Reach
Sintex, with the acquisition of the automotive business of Bright Brothers Limited would gain access to new and credible customers in the automotive space such as Maruti Udyog, Hyundai, Tata Motors and Mahindra & Mahindra. This would qualify it as a reputed manufacturer and supplier of automotive plastics.

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