MUMBAI, Oct. 8 (Xinhua) -- India's Minda Industries Limited has entered into definitive agreement to acquire 100 percent stake in Germany-based automotive lamps engineering and design company Delvis Gmbh at an enterprise value of around 23.1 million U.S. dollars including its two subsidiaries, said a statement by Minda to the Bombay Stock Exchange, Tuesday.
The acquisition is part of Minda's strategy to augment and acquire technological capabilities in existing product lines of automotive lighting as the German company closely works with Original Equipment Manufacturers (OEMs) including Volkswagen, Audi, Porche to deploy the next level of technologies, the statement said.
With consolidated revenue of 1.14 billion U.S. dollars, Minda Industries has 62 manufacturing facilities globally including Indonesia, Vietnam, Spain, Mexico, Morocco and Colombia.
"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 bring this gap with cutting edge technology that Delvis has to offer to global markets," said N K Minda, Chairman & Managing Director, Minda Industries.
This acquisition to be funded by a mix of debt and equity, is expected to deliver considerable synergies for growth of lamp business in India and enhance its product offerings to OEMs. The transaction is subject to regulatory approvals and is expected to concluded in the next two months, the statement said.