Craftsman Automation Ltd has completed the acquisition of Sunbeam Lightweighting Solutions Private Ltd for ₹376 crore, marking a significant expansion in its automotive component business. The deal includes the acquisition of all Sunbeam securities and an investment in optionally convertible debentures (OCDs).
Craftsman initially invested ₹136 crore on October 7, 2024, and on October 9, completed the purchase of Sunbeam’s total securities. Additionally, the company subscribed to 24 crore OCDs, valued at ₹240 crore, under the Securities Subscription and Purchase Agreement (SSPA) with Sunbeam and Kedaara Capital. The regulatory filing noted that the full subscription would be completed by October 10.
This move follows a Memorandum of Understanding (MoU) signed in June 2024 between Craftsman, Sunbeam, and Kedaara Capital Fund II LLP. The agreement laid the foundation for Craftsman to acquire Sunbeam’s business, excluding specific assets in Gurugram, over one or more tranches.
Craftsman Automation,manufactures gears, heavy parts, and sheet metal equipment, aims to enhance its presence in the lightweight automotive components sector with this acquisition.