New Delhi, May 15: Federal-Mogul Corporation today acquired a major portion of Anil Nanda’s stake in joint venture Goetze India Ltd for Rs 138 crore, increasing its holding to over 50 per cent from 25.46 per cent.

Federal-Mogul (FMC) will increase its manufacturing footprint in India to serve new and existing customers.

“Federal-Mogul’s higher investment in GIL is a part of our strategy to drive global profitability by providing our leading technology, and world-class quality products and services in India,” said Jose Maria Alapont, chairman, president and chief executive, FMC.

FMC scooped up the GIL stake by buying a total of 62.3 lakh shares at a price of Rs 222.50 per share, the company said in a release. Nanda, who continues as non-executive chairman of the company, is left with around 5 per cent holding.

Developing best-cost capabilities and increasing manufacturing footprint in India will enable the company to better serve both new and existing customers in domestic and global markets, Alapont said.

Goetze India’s business has three operations ? in Patiala, Bangalore and Bhiwadi ? with nearly 5,000 employees.

Goetze’s shares today closed at Rs 285.05, down 4.5 per cent, on the Bombay Stock Exchange.