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Auto component major Minda to acquire Germany's Delvis for EUR21 million

ANI 

Leading auto component manufacturer Minda Industries is acquiring 100 per cent equity capital of Germany-based Delvis Group for 21 million euros (about Rs 163 crore) to expand its product portfolio.

The Delvis Group is engaged in automotive lighting design and engineering. It comprises of Delvis GmBH and its two wholly-owned subsidiaries: Delvis Products and Delvis Solutions. In 2018, it clocked a turnover of 26.79 million euros (about Rs 208 crore).

"The acquisition is in line with the company's strategy to maintain technology leadership in lighting products market in India," Minda said in a statement. The transaction closing is subject to appropriate regulatory approvals. The estimated timeline for closure is two months.

Minda has a diversified product portfolio that encompasses safety, security and restraint systems; driver information and telematics systems and interior systems for auto original equipment manufacturers (OEMs). These products cater to two- and three-wheelers, passenger vehicles, commercial vehicles and after-market.

The company has 34 state-of-the-art manufacturing facilities to serve a diversified customer base including Indian and global OEMs and tier-1 customers for various vehicle segments spread across Europe, North and South America, and Asia.

Minda recently merged its five subsidiary companies -- Minda Management Services, Minda SAI, Minda Automotive Solutions, Minda Autoelektrik, and Minda Telematics and Electric Mobility Solutions. Post-merger, the annual revenue size of the standalone entity is expected to be Rs 2,370 crore.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 08 2019. 11:18 IST
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