The deal, subject to regulatory approvals, is expected to be completed this month and will be a step further towards the company's focus to consolidate and strengthen its position in the manufacturing of high-precision injection moulded components, Shriram Pistons & Rings said.The proposed acquisition is part of SPRL's overall long-term strategy to invest, diversify and grow its product portfolio in the areas agnostic to internal combustion engine Powertrain, thereby cementing its leadership position in the automotive sector, the company said.TGPEL, formerly known as Timex Group Precision Engineering Limited, is into precision mould making and injection moulded parts manufacturing with a wide range of products in the automotive space.Besides, it is also present in electrical, consumer goods and medical segments in India and abroad. "Shriram Pistons & Rings Limited has announced to acquire 100 per cent shareholding in TGPEL Precision Engineering Limited through its wholly owned subsidiary, SPR Engenious Limited," it said.

Shriram Pistons & Rings to acquire TGPEL Precision Engg in ₹220-cr deal

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.