Auto parts maker Minda Industries Ltd has signed a definitive agreement to fully acquire Germany-based automotive lamps engineering, design and testing company, Delvis Gmbh.
The Gurugram-based firm said in a stock-exchange filing that it agreed to purchase Delvis and its two subsidiaries – Delvis Solution and Delvis Products – for an enterprise value of €21 million (approximately $23.06 million, or Rs 163.72 crore at current exchange rates).
The acquisition was in line with its strategy of acquiring technological capabilities in existing product lines, it added. It will also help deliver considerable synergies for the growth of its India lamp business and enhance its product offerings to original equipment manufacturers (OEMs).
NK Minda, chief managing director at Minda Industries, said the global markets had migrated to LED 8-10 years ago, and the India market is now demanding this technology. “This acquisition would help us bring this gap with cutting edge technology that Delvis has to offer to global markets,” he said.
Delvis was founded in 2002 and led by Mario Wanninger and Matthias Ablen. It serves OEMs and European suppliers in the pre- and development stages for products. The company has also ventured into the electronic testing and validation services with Audi through Delvis Solution and also provides on-site engineers to Volkswagen for testing and validation.
Minda Industries, the flagship company of auto components maker UNO MINDA Group, supplies proprietary automotive solutions to OEMs. The group has manufacturing facilities in several countries, including Indonesia, Vietnam, Spain, Morocco, Mexico and Colombia. It also has design offices in Taiwan, Japan and Spain.
In January, Minda Industries agreed to acquire the business related to telematics hardware products from KPIT Engineering Ltd and Impact Automotive Solutions Ltd for an initial payment of Rs 25 crore (about $3.5 million).
