Craftsman Automation Limited Extends Deadline for Asset Sale to Shriram Pistons & Rings
Coimbatore – March 27, 2026 – Craftsman Automation Limited announced an extension to the long stop date for the asset purchase agreement with Shriram Pistons & Rings Limited (SPRL). The agreement, initially entered into on December 19, 2025, and previously updated on December 31, 2025, concerns the sale of certain plant and machinery and related assets for the Piston Manufacturing Business.The long stop date has been extended from March 31, 2026, to June 30, 2026. An amendment agreement was executed on March 27, 2026, to reflect this change. The closing formalities for the second tranche of the proposed transaction are now anticipated to be completed on or before June 30, 2026.
The aggregate consideration for the proposed transaction is ₹28 Crores, exclusive of applicable GST. Sunbeam Lightweighting Solutions Limited, a wholly-owned subsidiary of Craftsman Automation Limited, received ₹10 Crores (exclusive of applicable GST) on December 31, 2025, following the completion of the first tranche. The remaining ₹18 Crores (exclusive of applicable GST) will be received upon completion of the proposed transaction.
SPRL is not part of the Promoter, Promoter Group, or Group Companies of Craftsman Automation Limited. The transaction does not involve a related party as defined under applicable regulations.
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