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Systematix Research Report
Varroc Engineering Ltd. has entered into an agreement to sell its global lighting business, Varroc Lighting Systems to Plastic Omnium.
The deal equity value post debt and contingency is ~€35 million (Rs 3 billion).
We expect Varroc Engineering to turn net cash, as a large part of the leverage on its books pertains to Varroc Lighting System.
The company plans to focus on expanding its electronics business in India after completing this transaction. The company has started the production of traction motor, controller, BMS and other electronics for the domestic e-two-wheeler and e-three-wheeler industry (albeit on a small scale).
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