Uno Minda acquires lighting firm for Rs 145 crore

Component maker Uno Minda has acquired the global automotive lighting business of Spain-based Rinder Group for 20 million euros (about Rs 145 crore) to expand the lighting business. The acquisition includes 100 per cent equity holding in Rinder India, Spain-based Light Systems and Technical Center, along with 50 per cent stake in Rinder Riducu, Colombia.

The acquisition will more than double the company's lighting business annual revenue to over Rs 700 crore from the current Rs 300 crore.

"This acquisition will establish Minda Industries Limited as technology leader in lighting solutions and will further augment the R&D capabilities of the company," N K Minda, chairman of Uno Minda Group said.

As a part of the deal, Rinder's brand name & intellectual property rights have also been acquired. Integration and merger with UNO MINDA brand name will be finalised at a later stage. Rinder India's plant is located at Chakan and Pimpri in Pune, Maharashtra and Bahadurgarh, Haryana. Light Systems and Technical Center is located at Bilbao, Spain and Rinder Riducu's plant is situated in Colombia.