Minda inks pact to acquire German firm

Auto component maker Minda Industries today said it will acquire Germany-based iSYS RTS GmbH, a leading developer of embedded systems and software for global vehicle manufacturers, for an undisclosed amount.

The agreement, which is subject to customary closing conditions and regulatory approvals, is expected to be completed by September this year.

Munich-headquartered firm manufactures automotive electronic control units (ECUs), software components for automotive lighting and infotainment applications, among others.

Last year, the company's revenues stood at around 6 million euros.

"iSYS RTS will be at the core of our controller business strategy, as we seek to improve footprints with customers in India and Europe. In addition, it will also help MIL offer high end cockpit electronics with premiumisation of vehicles," UNO MINDA Group chairman N K Minda said in a statement.

Upon close of the transaction, iSYS RTS will become subsidiary of Minda Industries and operate as an independent unit led by its existing management team.

As part of the UNO MINDA Group and with access to the company's resources we can exploit our synergies beyond our core competencies. The synergies are expected to play out as we develop system solutions for automotive OEM's, iSYS RTS GmbH CEO Georg Hutter said.

Shares of Minda Industries today ended 0.51 per cent up at Rs 421.50 apiece on the BSE.