Minda Industries, one of the world’s biggest auto-parts makers, said it will acquire German autoparts maker Delivis Group for 21 mln euros (Rs 163 cr).
Minda, which supplies parts to almost all major automakers in India including Maruti Suzuki, said the acquisition is designed to “maintain technology leadership in lighting products market in India”.
Delvis Group, incorporated in 2002, is a fast-growing company. Its revenue rose to 26.79 euros in the year ended December 2018 from 19.60 mln euros in 2017 and 18.38 mln euros in 2017.
Delvis Group, which comprises of Delvis GmBH, Delvis Products and Delvis Solutions is engaged in automotive lighting design & engineering, the Indian company said.
The all-cash deal to acquire 100% equity in the German company is expected to be completed in two months.
Delvis Group supplies its products to German automakers, Minda said.
Besides lights, Minda offers sensors, mirrors, motors, horns, compressed natural gas (CNG)/liquid petroleum gas (LPG) kits, batteries, wheel covers, seat belts, seats, cigar lighter and so on to both two-wheeler and four-wheeler makers.