Minda Industries acquires global lighting business of Europe based Rinder Group

Minda Industries, an automobile components manufacturer, has acquired the global lighting business of Spain based Rinder Group that manufactures automotive lamps- Head Lamp, Tail Lamps and Small lamps. The enterprise value for the total deal is 20 million euro. The acquisition includes 100% equity holding in Rinder India and Light Systems and Technical Center, Spain along with 50% equity holding in Rinder Riducu, Colombia. The deal will be financed through internal accruals and the debts.

At present in Minda Industries, one of the key product is Automotive Lighting, which is being manufactured at its plants at Manesar, Pune and north of Delhi, having turnover of around Rs 300 crore per annum. With this acquisition, Minda Industries, Lighting business will have turnover in excess of Rs 700 crore which is currently around 300 crore per annum.

Minda Industries is engaged in the business of manufacturing switches and batteries for 2/3 wheelers and off-road vehicles.