Ahmednagar Forgings Ltd has announced that the Board of Directors of the Company, at its meeting held on July 31, 2008, inter alia, have approved merger of Ahmednagar Forgings Ltd into Amtek Auto Ltd.

Amtek Auto is a leading producer of automotive components.

The company (Ahmednagar Forgings) is being unified along with Amtek India, Amtek Ring Gears, Amtek Crankshafts India and Amtek Casting India into Amtek Auto.

The merger of Ahmednagar Forgings with Amtek Auto will not only result in increased business concern synergies with mutual production facilities, management personnel, financial, marketing and other resources, but it would also perk up its finances.

The Stock of Ahmednagar Forgings closed at Rs 104, up 14. 81 per cent on National Stock Exchange (NSE). The total volume of shares traded at the NSE was 876,051.