ZF Group sells 7.5% stake in Indian subsidiary to increase liquidity

21 Jun 2024 CW Team

German auto component supplier ZF Group announced the sale of a 7.5% stake in its Indian subsidiary, ZF Commercial Vehicles Control System (CVCS) India, to enhance liquidity and financial flexibility for growth. The company sold 1,425,000 shares, representing this 7.5% stake, in the listed Indian subsidiary.

The transaction aims to strengthen ZF's financial flexibility, enabling further investment in its growth plans, particularly in the rapidly developing Indian market. Despite the sale, ZF maintains control over ZF CVCS India, with a long-term strategy to retain a solid majority shareholding in the entity.

ZF Group, headquartered in Friedrichshafen, Germany, began its commercial vehicle control system business in January 2022 after acquiring WABCO in 2020. ZF CVCS India, a leader in the Indian commercial vehicle supplier industry, continues to be a crucial part of ZF's global growth strategy, showing strong operating and financial performance supported by a favourable market environment. (Source: ET)

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