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Our Bureau

Chennai , March 31.

UCAL Fuel Systems Ltd has decided to acquire AMTEC Precision Products Inc of the US for a consideration not exceeding $28 million (about Rs 125 crore).

In a communication to the National Stock Exchange, it said that AMTEC is engaged mainly in the manufacture of auto-ancillary products for supply to US auto majors. It has two manufacturing plants in Elgin, Illinois, a suburb of Chicago. It also has a wholly owned subsidiary with one manufacturing facility in Rockford, Illinois.

At its board meeting on Thursday, Ucal Fuel decided to acquire up to 100 per cent of the equity/preference capital of AMTEC. The company will seek shareholders' approval at an extraordinary general meeting on May 4.

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