India Motor Parts and Accessories (IMPAL) has received an approval to enter into a Memorandum of Understanding (MoU) for investing Rs 3.80 crore towards 76% stake in the equity of a private limited company, which will take over the business of Central Automobiles, a Partnership Firm in Ahmedabad, Gujarat.
The board of directors at its meeting held on March 28, 2017 has approved for the same. The proposed transaction is expected to be completed by Q1/by early Q2 in 2017-18 and the new private limited company will become a subsidiary of IMPAL.
India Motor Parts and Accessories is engaged in the distribution of automobile spare parts and accessories. It is one of the few all India distributors of motor parts and deals in engine group components, brake systems, fasteners, radiators, suspensions, axles, auto electricals, wheels, steering linkages, instrument clusters etc.