TV Sundram Iyengar and Sons, Sundaram Finance, India Motor Parts and Flometallic to acquire the remaining stake in Brakes India from ZF Friedrichshafen.

TV Sundram Iyengar and Sons, a holding company, Sundaram Finance, a financial services provider, India Motor Parts and Flometallic, a metal products manufacturer, agreed to acquire the remaining stake in Brakes India, a brakes manufacturer, from ZF Friedrichshafen, a German car parts maker. Financial terms were not disclosed. On value finalisation for the foreign joint venturer’s stake, the joint venture partners were required to seek CCI approval for the structure and adhere to CCI timelines for exit.