Minda Industries Ltd. has announced acquisition of the global lighting business of the Rinder Group of Spain that manufactures automotive lamps like head lamp, tail lamps and small lamps. The acquisition includes 100 per cent equity holding in Rinder India Pvt. Ltd. and the Light Systems and Technical Center, Spain, along with 50 per cent equity holding in Rinder Riducu, Colombia. The deal will be financed through internal accruals and debts.
At present in Minda Industries, one of the key products is automotive lighting, which is being manufactured at its plants at Manesar, Pune and north of Delhi, with a turnover of around Rs. 300 crores per annum.
The Rinder Group operates in the premium segment of lighting business with an annual turnover of Rs. 410 crores. The group, with its own technology and design center in Spain, will help the Minda Group in establishing itself as a major player in lighting business. Apart from these, synergies in terms of SOB with customers, suppliers’ rationalization and sharing of resources will enhance the profitability of Minda Industries.
Speaking on the acquisition, Mr. N.K. Minda, Chairman of the UNO MINDA Group, said: “This acquisition will establish Minda Industries Ltd. as a technology leader in lighting solutions and will further augment the R&D capabilities of the company.”
With this acquisition, Minda Industries’ lighting business will have a turnover in excess of Rs. 700 crores, which is currently around Rs. 300 crores per annum.
He said: “Our vision is to achieve 25% of group turnover from 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.”
As a part of the deal, Rinder’s brand name and intellectual property rights have also been acquired. Integration and merger with the UNO MINDA brand name will be finalised at a later stage.
Rinder India’s plant is located at Chakan and Pimpri in Pune, and at Bahadurgarh in Haryana. The Light Systems and Technical Center is located at Bilbao, Spain, and the Rinder Riducu’s plant is situated in Colombia.
The UNO MINDA Group, founded in 1958, is a leading supplier of automotive solutions to OEMs. The company has its manufacturing facilities in Indonesia, Vietnam, Spain, Morocco and Mexico, and offices in Japan, Europe and China. It has 36 manufacturing plants in India and has joint ventures with companies in Japan, Italy and India.