“Source – The Hindu Business Line”
Auto components supplier Minda Industries Limited (MIL),part of Uno Minda Group on Tuesday said that it has entered into definitive agreement with shareholders of Germany based Delvis Gmbh, to acquire 100 per cent interest in the company in a multi-million Euro deal.
Delvis Gmbh is an automotive lamps engineering, design company & testing. The enterprise value of the company along with its two subsidiaries Delvis Solution and Delvis Products is around Euro 21 million, subject to adjustments, if any, at closing,Minda Industries Limited said in a statement.
“The transaction is subject to customary closing conditions and other regulatory approvals. The transaction is expected to be concluded in next two months. The transaction will be funded by mix of debt and equity,” it said.
The acquisition is part of its strategy to augment/acquire technological capabilities in existing product lines (automotive lighting). This acquisition is expected to deliver considerable synergies for growth of lamp business in India and enhance its product offerings to original equipment manufacturers, the company said.
“The automotive lighting industry has seen a major shift in technology with the advent of LED based lighting products. While the global markets had migrated to LED 8-10 years ago, India market is now demanding this technology. This acquisition would help us bridge this gap with cutting edge technology that Delvis has to offer to global markets,” N K Minda, Chairman and Managing Director,Minda Industries Limited said.
Delvis is among the top players with state of the art lighting technology and works closely with German OEMs (Volkswagen/ Audi/ Porsche) in pre-development activities for high end platforms, which deploy the next level of technologies.