Mergers and acquisitions are increasingly becoming the order of the day in the automotive industry. Every firm is looking at ways and means to enhance profitability. Pune-based Varroc Engineering Ltd has walked down the 'acquisition' road, inking an agreement to acquire 74 per cent stake in connected vehicle solution provider CarIQ Technologies.
The company said the acquisition will complement its connected vehicle product offerings such as instrument clusters, telematic devices and other data-based analytical products. Varroc's Board of Directors has approved the acquisition move.
Arjun Jain, President, Electrical & Electronics Business at Varroc, said the company is focussed on driving growth by leveraging automotive trends that will remain constant such as being greener, safer, smarter and more connected. The collaboration with CarIQ is a crucial part of both its current and future product strategy, he added.