Auto-ancilliary major Precision Camshafts (PCL) has announced its acquisition of 95% stake in Nashik-based precision component maker MEMCO Engineering for an undisclosed amount, as reported by The Economic Times and VCCircle.

Promoted by Vinita Dharkar and Rajan Dharkar, MEMCO was incorporated in 2006 and has been key vendors to Bosch along with marquee global customers like Delphi, Endress+Hauser and Giro. The sale of shares held by Vinita Rajendra Dharkar, Rajendra Shripad Dharkar and Uma Nikhil Diwakar to PCL took place in two tranches. Memco had a turnover of Rs 30 crore in the 2016-17 financial year.

DSK Legal acted and represented MEMCO Engineering and was led by founding partner Satish Kishanchandani, associate partner Pritha Jha, senior associate Deepti Sarma and associate Taskeen Hamid. DSK advised and assisted in execution and closing of the Share Purchase, Escrow & Employment Agreements, including drafting and finalisation of closing resolutions, closing certificates and other ancillary documents.

Accures Legal founding partner Vedant Pujari represented Precision Camshafts.

Other advisors involved in the deal were SBICAP Trustee Company.

2017-10-10