Auto components maker Minda Industries will be acquiring Germany-based automotive lamps engineering and design company Delvis for approximately 21 million Euros (Rs 164 crore) as part of its strategy to acquire technological capabilities in existing product lines.
The company announced on Tuesday that it has entered into definitive agreements with shareholders of Delvis and will be acquiring 100% interest in the German company’s two subsidiaries- Delvis Solution and Delvis Products.
Minda will be using a mix of debt and equity to fund the takeover which is expected to conclude in the next two months.
“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 bridge this gap with cutting edge technology that Delvis has to offer to global markets,” NK Minda, CMD at Minda said in a release.
