Auto parts maker Minda Industries Ltd. is set to take over a German automotive lamp engineering company in the coming few weeks.
Minda Industries Ltd. (MIL) flagship of the UNO Minda group, who is focused on the Auto Components Industry in both domestic and global markets had indulged in a deal of about 21 million Euros (Rs 164 Crores) with a German-based automotive lamps engineering and design company: Delvis GMBH. In order to extend technological advancements in its existing product line up, MIL has taken 100% interest in the german companies two subsidiaries: Delvis Solutions and Delvis Products.
This interest creates the next level of synergies for the growth of the lamp business in India. The process of interest will long as two months with Minda being implementing a mixture of debt and equity to fund this take over. NK Minda the CMD said that around the world the LED technology has taken over about 8 to 10 years ago and the Indian market is still lagging behind, this developmental shift will lighten up the industry that is very much demanding.
MIL UNO manufactures automobile components for Orginal Equipment Manufacturers (OEM) as Tier-1. It serves through its facilities globally including Spain, Morocco, Colombia moreover from its design offices in Taiwan, Japan, and Spain. This rapidly expanding group is in the INR 80 billion groups already from the database of 2018-19. Taking over Delvis GMBH, who is among top players in the art of lighting technology and serves major automobile industries in Germany such as the VW, Audi, Porche was founded in the year 2002. The Delvis makes its famous accessories such as beam and logo projectors, it hosts, electric benches, provides on-site engineers, tests and validation activities to Audi and VW group through the Delvis Solutions subsidiary which makes the Delvis GMBH a tier-1 supplier in both predevelopment and new product development in Europe.