Sahneys buy out foreign partner in NRB Bearings

Chennai, Nov 14 | Updated: Nov 15 2005, 06:10am hrs
The Sahney family on Monday entered into a share purchase agreement with the Timken group of the US to buy latters' 26% holding in the NRB Bearings Ltd for an undisclosed amount.

The Timken Group has been planning to put their stake in the bearings company on the block since the company found its holding in NRB Bearings out of sync with its business plans for its Indian arm.

The Timken Group gain control of 26% stake in NRB as a part of a billion dollar global buy out in which, the group took over the controlling stake in Torrington, couple of years ago. Timken was holding the stake in NRB through one of its arms, Nadella. Sources told FE that Sahney family on Monday signed the stock purchase agreement with Timekn representatives to acquire their entire 26% in NRB Bearings for an undisclosed sum.