Setco Automotive Limited (BSE:505075) agreed to acquire remaining 13.9% stake in LavaCast Pvt. Ltd. from Lingotes Especiales, S.A. (BME:LGT) for INR 77 million on April 10, 2019. Post completion, LavaCast Pvt.

Ltd will become wholly owned subsidiary of Setco Automotive Limited. As of May 30, 2019, Setco Automotive plan to merge LavaCast with itself. The transaction is subject to regulatory approvals and approvals from banks and Reserve bank of India as may be necessary.

The transaction is approved by the Board of Setco Automotive Limited.