Retail in Asia

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Indian auto parts maker Sakthi sells German business

Indian auto components manufacturer Sakthi Automotive has sold its insolvent German business to the US-based MAT Holdings for an undisclosed amount.

MAT Holdings has already set up a German subsidiary which will take charge of the operations of the Indian company’s two foundries in Neuenkirchen and Ueckermuende in Germany by the beginning of June, German insolvency administrator Udo Groener said.