Minda Industries Ltd. on Tuesday said it has inked a pact to acquire Germany-based automotive lamps firm Delvis Gmbh and its two subsidiaries for 21 million euros (about Rs 164 crore).
The company has entered into definitive agreement with Delvis shareholders to fully acquire it, the auto component maker said in a statement.
The transaction is subject to customary closing conditions and other regulatory approvals and is expected to be concluded in the next two months, it added.
The acquisition will be funded by mix of debt and equity.
"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," Minda Industries Chairman and Managing Director NK Minda said.
This acquisition will help the company bridge this gap with cutting edge technology that Delvis has to offer to global markets, he added.
Delvis is among the top players with state of the art lighting technology and works closely with German original equipment manufacturers like Volkswagen Group in pre-development activities for high end platforms, which deploy the 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.
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