Minda Industries, an automobile components manufacturer, it has acquired global lighting business of Spain-based Rinder Group that manufactures automotive lamps with a total deal of around 20 million Euros.
Minda Industries (MIL), an automobile components manufacturer has completed the acquisition of Rinder India. The company now holds 100% equity shares of Rinder India. Global Mazinkert, a wholly owned subsidiary of MIL has acquired l00% shares of Light Systems and Technical Centre S.L. (LSTC) Spain. LSTC Spain, a 100% step down subsidiary of MIL, has acquired 50% stake in Rinder Riduco S.A., Columbia.
Light Systems and Technical Centre in Spain has been acquired through Global Mazinkert, a wholly-owned subsidiary of Minda Industries; whereas Rinder Riducu, Colombia has been acquired by LSTC Spain, a 100 percent step down subsidiary of MIL.
The acquisition will more than double the company’s lighting business annual revenue to over Rs 700 crore from the current Rs 300 crore.
As a part of the deal, Rinder’s brand name & intellectual property rights have also been acquired. Integration and merger with UNO MINDA brand name will be finalized at a later stage. Rinder India’s plant is located at Chakan and Pimpri in Pune, Maharashtra and Bahadurgarh, Haryana. Light Systems and Technical Center is located at Bilbao, Spain and Rinder Riducu’s plant is situated in Colombia.
This acquisition will establish Minda Industries as technology leader in lighting solutions and will further expand the research and development capabilities of the company,” N K Minda, Chairman of Uno Minda Group said.
This acquisition is expected to give MIL a better hold in markets like Indonesia and Vietnam.
BY: DEVIKA SHARMA
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