Tube Investments of India Ltd (TII), part of the Murugappa Group, has acquired a 67% stake in Kcaltech System India Private Ltd for ₹62 crore in an all-cash deal.
The acquisition involves 2.24 crore fresh equity shares of Kcaltech, a key player in manufacturing aluminum tubes and parts for HVAC systems in the automobile industry. Kcaltech, a subsidiary of South Korea’s KC Altech Co. Ltd, specializes in HVAC solutions.