Harig Crankshafts Reverses Ayushman Infratech Merger Plan

Harig Crankshafts Ltd has withdrawn its proposed merger with Ayushman Infratech Limited, reversing a preliminary approval.

Ayushman Infratech reported ₹1.84 crore in revenue for FY25. Harig Crankshafts, valued at about ₹7.51 crore, has now canceled the deal.

Board Decision Details

In a meeting on May 6, 2026, the Board of Directors at Harig Crankshafts Limited decided to withdraw the preliminary approval for its planned merger with Ayushman Infratech Limited.

This action stops the proposed merger, which had first received preliminary board clearance on March 13, 2026.

Why the Merger Matters

The merger withdrawal means the planned consolidation will not proceed. The deal aimed to combine Harig's background in auto components manufacturing with Ayushman's construction services. This marks the end of a key strategic review for Harig, a company that has been changing its business direction.

Company Background

Harig Crankshafts, traditionally an auto parts maker, has been shifting focus to real estate and civil construction since Palika Towns LLP acquired it in April 2024. The company had also approved a name change to 'Harig Infra Projects Limited' in December 2025, signaling this shift.

Ayushman Infratech Limited, founded in 1973, works in the construction sector. Despite its experience with corporate restructurings, its financial results for FY25 showed a sharp decline, with revenue falling to ₹1.84 crore and profitability dropping significantly.

The initial preliminary approval on March 13, 2026, was intended to create a diversified company, combining Harig's new direction with Ayushman's construction experience.

What This Means Now

• Shareholders will not see the merger between Harig Crankshafts and Ayushman Infratech go through.
• Harig Crankshafts will continue its strategic diversification into real estate and civil construction.
• The company's planned evolution, including its intended name change to 'Harig Infra Projects Limited', will proceed without Ayushman Infratech.

Potential Risks

Harig Crankshafts has faced financial difficulties, including a period under Corporate Insolvency Resolution Process (CIRP). The company has also shown weak profit and revenue growth in recent years.

Ayushman Infratech's considerable drop in revenue and profit for FY25 might have influenced the decision to withdraw.

Industry Peers

Harig Crankshafts' traditional sector is automotive ancillaries. Key peers include Bosch Ltd., UNO Minda Ltd., Samvardhana Motherson International Ltd., and Endurance Technologies Ltd., all primarily involved in manufacturing automotive components.

Key Metrics

Ayushman Infratech Limited reported ₹1.84 crore in revenue for the fiscal year ending March 31, 2025.

Harig Crankshafts Limited had a market capitalization of approximately ₹7.51 crore as of April 27, 2026.

Looking Ahead

Harig Crankshafts' standalone financial performance as it pursues its diversification strategy.

Updates on the company's business activities and growth prospects in real estate and civil construction.

Any further clarity on the specific reasons for the merger proposal withdrawal.