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|4th March 2016, 12:41||#1|
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Minda acquires Rinder Groupís global lighting business
Minda Industries Ltd. has acquired the Spain-based Rinder Group's global lighting business, which manufactures automotive lamps - headlamps, tail lamps and small lamps. The deal was closed at nearly 20 million Euros (around Rs. 147 crore) and gives Minda Industries a 100% equity holding in Rinder India Pvt. Ltd, light systems & the technical center in Spain as well as a 50% equity holding in Rinder Riducu, Columbia.
Minda supplies 2-wheeler switches and handle bar assemblies, electronics & sensors, 4-wheeler switches and heater control panels, automotive lamps, horns, CNG-LPG kits, automotive batteries, seatbelts, alloy wheels, wheel covers, etc. to several Original Equipment Manufacturers (OEM). The company produces automotive lighting systems at its plants in Manesar, Pune and north Delhi. The lighting systems alone account for an annual turnover of around Rs. 300 crore.
Rinder Group currently operates in the premium segment of the lighting business with an annual turnover of 55 million Euros (around Rs. 410 crore). With this acquisition, Minda's lighting division targets to achieve a turnover of Rs. 700 crore and having acquired Rinder's intellectual property, Minda's research and development capabilities stand to improve as well. This deal will also help the company expand its footprint in international markets. Recently, the company's lighting division received new orders for Jaguar Land Rover models in India.
Uno Minda has over 35 manufacturing plants in India, Indonesia, Vietnam and Spain, design centers in Taiwan and Japan, along with sales offices in the USA, Europe and Vietnam. It also has a strategic sourcing office in China.
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