The deal will boost Dormer Pramet's product offering and facilitates improved presence in key markets.

Ashok Piramal Group to sell its high-speed steel cutting tools business to Dormer Pramet, an arm of Sweden's Sandvik Machining Solutions.

The acquisition will boost the company's product offering and facilitates improved presence in key markets such as India, China, and Southeast Asia through access to Miranda Tools' distribution network and manufacturing facilities, Dormer Pramet said in a statement.

Investment bank Lincoln International advised Miranda Tools on the transaction. The deal is expected to close by September. Financial details of the deal were not disclosed.

Lars Bergström, President, Sandvik, said: “The acquisition is aligned with Sandvik Machining Solutions' focus on strengthening our round tools offer whilst also adding greater production capacity and flexibility to support long-term growth.”