Acquisition part of Minda’s strategic move to amass technological capabilities in existing product lines of automotive lighting
Minda Industries Ltd has announced it has entered into a definitive agreement with shareholders of Delvis GmbH, Germany-based automotive lamps engineering, design and testing company, to acquire 100 % interest. The enterprise value of Delvis Gmbh, along with its two subsidiaries - Delvis Solution and Delvis Products is about € 21 mn (about Rs 163 crore), subject to adjustments, if any, at closing. The transaction is subject to customary closing conditions and other regulatory approvals, and is expected to be concluded by December, 2019.
This acquisition is part of the company’s strategy to augment/acquire technological capabilities in existing automotive lighting product lines, Minda noted. It said Delvis is among the top players with state-of-the-art lighting technology and works closely with German OEMs in pre-development activities for high-end platforms that deploy next level of technologies. This acquisition is expected to deliver considerable synergies for growth of lamp business in India and enhance Minda’s product offerings to OEMs.
NK Minda, Chairman and Managing Director, Minda Industries Ltd, 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, he added. Minda further said that this acquisition would help the company to bridge this gap with cutting-edge technology that Delvis has to offer to global markets.