Craftsman Automation announces that Sunbeam Lightweighting Solutions, a wholly-owned subsidiary, has completed the first tranche of its asset transfer to Shriram Pistons & Rings Limited (SPRL). The initial transfer included identified plant, machinery, and related assets for INR 10 Crores, exclusive of GST, as part of an Asset Purchase Agreement (APA). The remaining assets are expected to be transferred by March 31, 2026.
First Tranche Completion
Craftsman Automation Limited announced that Sunbeam Lightweighting Solutions Private Limited (“Sunbeam”), a wholly-owned subsidiary, along with Shriram Pistons & Rings Limited (“SPRL”), has successfully completed the first tranche of the proposed transaction under the Asset Purchase Agreement (APA). The effective date of this initial completion was December 31, 2025.
Details of the Asset Transfer
Under this first tranche, Sunbeam has transferred identified plant and machinery and other related assets that form part of a piston manufacturing line. This transfer was executed on a piecemeal basis, following the satisfaction of all applicable closing conditions and agreed deliverables, as per the APA terms.
Remaining Asset Transfers
The transfer of the remaining assets is planned to be completed in subsequent tranches, contingent upon fulfilling the respective closing conditions and deliverables as stipulated in the APA. The company anticipates completing the full transfer of assets by March 31, 2026.
Consideration Details
The aggregate consideration for the proposed transaction is Rs. 28 Crores, excluding applicable GST. For the first tranche, the company has received INR 10 Crores, exclusive of GST on December 31, 2025. The remaining INR 18 Crores, exclusive of GST, will be received upon the completion of the second tranche.
Buyer Information
The buyer, Shriram Pistons & Rings Limited (SPRL), does not belong to the promoter/promoter group/group companies of Craftsman Automation Limited.
Source: BSE
