Anil Nanda on Tuesday said he was ready to offload a major part of his holding in Goetze India to co-promoter Federal Mogul and added that the deal will help the company get access to technology from the American components major.
"The products of Goetze India are technology driven and to take the company forward, Federal Mogul needs to have control, more than 50 per cent," Nanda said.
Federal-Mogul on Tuesday made a renewed bid for acquiring the major portion of Anil Nanda in Goetze and offered Rs 222.5 per equity share against the Rs 205-215 price-band proposed earlier. This, it said, will be an off-market inter se promoter transfer, which insulates the deal from valuation issues which scuttled it in March.
Nanda said even as he sold a major part of his stake, he would still have a marginal stake in the company.
He said the off-market transaction was 'as per Sebi guidelines' and the deal, worth around Rs 140 crore (Rs 1.40 billion), was expected to be sealed by the weekend.
"We have discussed matters related to the decision, its rational and reasoning," he said.
Nanda said it was 'not an easy decision' to sell his major holding in the company. "But it is for the benefit of the company, its shareholders and its workers. It is now Federal Mogul that can add value to it."
He, however, said that he would continue as non-executive chairman of the company. "Federal Mogul will spell out its strategy for the India operations shortly," he added.
As he exits the Goetze India, Nanda said he has entered into newer business areas like real estate, wind energy and medical equipments.
