Wheels India to acquire 7.64 lakh equity shares of Axles India from Forge 2000 for ₹23 crore

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Wheels India board has approved the acquisition of 7.64 lakh equity shares of Axles India from Forge 2000 Pvt Ltd at a total consideration of ₹23 crore with cost per share being ₹297. 

The proposed transaction is likely to be completed before August 31. The Company currently holds 9.51 per cent of the share capital of Axles India Limited. With this acquisition, the shareholding percentage will increase to 12.51 per cent, according to an announcement to the National Stock Exchange.

Axles India Ltd’s revenue as on March 31, 2025 was ₹847 crore, says an announcement to the National Stock Exchange. It is a related party transaction. The shares of Axles India Ltd are acquired from Forge 2000 Pvt Ltd, which is a wholly-owned subsidiary of Sundaram Finance Holdings Ltd.

Sundaram Finance Holdings is the promoter of Wheels India Ltd. The company has taken prior approval from the Audit Committee for the acquisition which is at arms’ length basis. The acquisition of shares for cash consideration, the announcement said.

Axles India Ltd (Axles India) was initially promoted as a joint venture (JV) in 1980 between Wheels India Ltd (WIL), Sundaram Finance Ltd (SFL), and Eaton Ltd (Eaton). Subsequently during the year 1999, Eaton exited the JV and Dana Global Products Inc (Formerly known as Spicer Heavy Axle Holdings, Inc) became a JV partner by acquiring Eaton’s stake. The shares held by SFL was transferred to its affiliate, Sundaram Finance Holdings Limited (SFHL). The shares held by Dana (48.33 per cent in the share capital of Axles India) was acquired by SFHL and its wholly owned subsidiary by Forge 2000 Pvt Limited (Forge 2000), the announcement said.

Axles India is in to manufacturing of axle housings for entire range of medium and heavy commercial vehicles, the announcement said.

Published on June 25, 2025