Asahi India Glass has agreed to make a strategic investment in Timex Group Precision Engineering (TGPEL) (a 100% Subsidiary Company of Timex Nederland B.V.) by acquiring and/ or subscribing to equity shares of TGPEL by March 2018, to be held through a proposed joint venture company, Scopfy Components which is being formed along with other investors.

Towards this end, the company has entered into Share Purchase Agreement (SPA) on November 30, 2017 to acquire equity shares as on date from the promoters and other existing shareholders.

Shares of the company declined Rs 1.1, or 0.3%, to trade at Rs 366.60. The total volume of shares traded was 28 at the BSE (10.17 a.m., Monday).