Auto component manufacturer Minda IndustriesBSE 16.45 % today said it has acquired the global lighting business of Spain-based Rinder Group for Euro 20 million. The acquisition includes 100 per cent equity holding in Rinder India and Light Systems and Technical Centre in Spain; and 50 per cent equity holding in Rinder Riducu, Colombia. The deal will be financed through internal accruals and the debts. NK Minda, chairman, UNO Minda Group said: “This acquisition will establish Minda Industries as a technology leader in lighting solutions and will further augment the R&D capabilities of the company.” The lighting business of Minda Industries at present has a turnover of around Rs 300 crore per annum. This is set to increase to around Rs 750 crore on account of the new acquisition. The acquisition will give Minda access to Rinder India’s three facilities in the country across Bahadurgarh, Haryana and at Chakan and Pimpri, Maharashtra. At a global level, the acquisition will help Minda Industries to enhance its footprint in Indonesia and Vietnam. “Our vision is to achieve 25 per cent of group turnover from our international business. The overseas leg of this global acquisition will ensure that the company moves closer to its vision and expand its geographical footprints further,” informed Minda. International business currently accounts for around 17 per cent of the Group’s turnover.
Source: Economic TimesMinda Industries acquires Spain based Rinder for Euro 20 million.
Industry: Automotive 2016-03-04
