00 ItMa 2011 (exclusive Feature) - Textile Magazine

CorporAte news
By K. Gopalakrishnan
A.T.E. Enterprises has concluded an agreement to
acquire the textile machinery component business from
SKF India Ltd. The textile machinery components manufactured
by SKF include high-speed spindles, drafting
systems and top rollers for ring frames and speed
frames. The transaction is expected to be completed in
the first quarter of 2012.
A.T.E., a diversified engineering group, is a leader in
textile engineering with state-of-the-art manufacturing
joint ventures, as well as representation of 50+ world
class principals. A.T.E. has been looking for opportunities
to further consolidate its business in this field,
whereby it can leverage its experience and expertise
built over more than 70 years.
Under the agreement, the manufacturing operation
will be shifted to A.T.E.’s new state-of-the art set-up in
12 | ThE TEXTILE MAGAZINE OCTOBER 2011
Mr. Anuj BhAGwATI, Managing Director
Ahmedabad, for which building construction is in full
swing. Key personnel from different functions will also
be transferred to A.T.E. which has commenced recruitment
of the remaining personnel.
Explaining the planned acquisition, Mr. Anuj Bhagwati,
Managing Director of A.T.E., said: “Our decision to
invest in this business comes after careful due diligence.
SKF is a technology leader and A.T.E. has the domain
expertise to leverage its textile technology platform. We
are excited about this business coming under the A.T.E.
umbrella, as it is consistent with A.T.E.’s vision to have
only technologically superior products. We see great potential
for this business both in India and the world”.
In an interview to Textile Magazine, Mr. AnujBhagwati
spoke in detail of the acquisition and its implications.