INDIA: Parts maker eyes European acquisition
Gurgaon-based automotive parts maker Minda Industries, reportedly is scouring Europe for strategic acquisitions.
Website dnaindia.com said Minda, which manufactures instrument panels, switches, lamps and automotive batteries, has appointed KPMG as one of the consultants for its European acquisition bid and is looking at companies in France and Italy that make similar products.
The company has funds for this acquisition, which is expected to be completed before March next year.
Managing director Nirmal Minda told the website: "We want to set up operations in Europe and the best way to do that is through the acquisition of existing facilities. We are also looking at acquire manufacturing facilities in the domestic market."
Meanwhile, the report added, Minda has signed an MoU with French company Valeo for entering into new product segments in the domestic market. This MoU would be converted into a joint venture company, which will be making starter motors and alternators in Pune and Gurgaon though the equity structure of the new company is yet to be decided.
Minda told dnaindia.com that the company has begun constructing three separate manufacturing facilities at Pantnagar (Uttaranchal) for making switches and lamps, automotive batteries and horns. These facilities will be used to service two of its biggest clients - Tata Motors and Bajaj Auto - which have facilities alongside.
Nirmal Minda reportedly said the company is also looking to set up manufacturing facilities in Vietnam and Brazil. It already has one unit in Indonesia which offers products to companies like Honda, Yamaha, Suzuki and Kawasaki, dnaindia.com noted.