Indian automotive component manufacturer, Varroc Engineering Ltd. announced that the company has acquired a 74 per cent stake in CarlQ Technologies Pvt. Ltd, according to a media report.
The acquisition will boost Varrocs position as a manufacturer of connected vehicle products, Varroc said in regulatory filings, as reported by the daily news, VC Circle.
The company did not disclose its financial details.
The automotive manufacturers products comprise telematic devices, instrument cluster, and other data-related analytical products.
"We see our collaboration with CarIQ and the capabilities we will build together and share as a crucial part of both our current and future product strategy," President of the electrical and electronics business at Varroc, Arjun Jain told the daily news, VC Circle.
The online platform, CarIQ Technologies is a vehicle solution provider to fleet owners, insurance firms and equipment manufacturing units. The platform proclaims to have assessed driving patterns for over 90 million kilometers across 50,000 drivers.
In the previous year, Varroc has raised its IPO (initial public offering). Omega TC Holdings and Tata Capital Finance have sold their shares in IPO whilst the firms promoter, Tarang Jain sold a small portion of stakes.
The firm creates, designs and distributes plastic and polymer parts, exterior lighting systems, electronic parts, metallic parts to passenger car, two-wheeler vehicle, three-wheeler vehicle, commercial vehicle, and off-highway manufacturers globally.