Nippon Steel & Sumitomo Metal Corporation (TSE:5401) agreed to acquire remaining 50% stake in SMI Amtek Crankshaft Private Limited from Amtek Auto Limited (BSE:520077) on April 18, 2018. Under the terms of the deal, Amtek Auto will sell all equity shares and preference shares of SMI Amtek held by it to Nippon Steel. Upon completion of the deal, SMI Amtek will cease to be joint venture of Amtek Auto Limited. Deal is subject to approval by National Company Law Tribunal and is approved by the creditors of Amtek Auto. Ernst & Young Private Limited and Grant Thornton India LLP acted as accountants to Amtek Auto and Morgan Stanley India Company Private Limited acted as financial advisor to Amtek.

Nippon Steel & Sumitomo Metal Corporation (TSE:5401) cancelled the acquisition of remaining 50% stake in SMI Amtek Crankshaft Private Limited from Amtek Auto Limited (BSE:520077) on April 18, 2019.