Automobile company, Minda Industries Ltd. has inked a concord to fully procure Germany-headquartered company, Delvis Gmbh.
It agreed to purchase Delvis and its two subsidiaries Delvis Solution and Delvis Products for an enterprise value of 21 million (approximately $23.06 million, or INR 163.72 crore at current exchange rates), stated VC Circle citing the companys regulatory filings.
The acquisition was in line with its strategy of acquiring technological capabilities in existing product lines, the company added.
This will also aid in delivering substantial synergies for expanding its lamp business and product offerings to original equipment manufacturers (OEM), stated the cited media report.
This acquisition would help us bring this gap with cutting edge technology that Delvis has to offer to global markets, NK Minda, Chief Managing Director at Minda Industries, said in an interview to the cited media report.
Delvis, which was initiated in 2002, is operated by Matthias Ablen and Mario Wanniger. It provides OEMs, as well as European suppliers, in pre and development levels for products. It has forayed in validation services and electronic testing along with Audi through its entity, Delvis Solution. Furthermore, it renders on-site engineers to the automobile company, Volkswagen for validation as well as testing.