Craftsman Automation Limited (NSEI:CRAFTSMAN) entered into a definitive agreement to acquire 24% stake in DR Axion India Private Limited for INR 2.5 billion on May 4, 2024. The consideration consists of INR 2.5 billion in cash. The consideration is subject to customary adjustments at closing, if any.

Prior to the transaction, Craftsman Automation Limited (NSEI:CRAFTSMAN) held 76% in the target entity. The turnover of DR Axion India Private Limited for the year 2023-24 stood at INR 0.12 million. The acquisition is expected to be completed by June 30, 2024.