IBEF: October 09, 2019
As per the Auto component maker Minda Industries, they have entered into definitive agreement to acquire Germany-based automotive lamps firm Delvis Gmbh along with two of its subsidiaries for 21 million euro (about Rs. 164 crore).
The transaction is subject to customary closing conditions and other regulatory approvals and is expected to be completed by next two months. Also added the 100 per cent acquisition will be funded by mix of debt and equity.
"The automotive lighting industry has seen a major shift in technology with the advent of LED based lighting products. While the global markets had migrated to LED 8-10 years ago, India market is now demanding this technology," Minda Industries CMD N. K. Minda said.
This acquisition will help the company to bridge the gap with cutting edge technology which Delvis has to offer to global markets, he added.
The acquisition is also expected to deliver the considerable synergies for the growth of lamp business India and enhance Minda's product offerings to original equipment manufacturers (OEMs).
"With the advent of LED based lightening product, the automotive light industry has seen a drastic change in the technology. Though 8-10 years ago, the global markets had already migrated to LED, where now India market is in demand of this technology" said by Minda Industries CMD N. K. Minda.
For high end platforms Delvis works closely with German OEMs like Volkswafen/Audi/Porche group in pre-development activities also among the top players with state of the art lighting technology.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.