Ending weeks of rumours, Mahle Filtersysteme has purchased a 50% stake in Purolator India while the Anand Group-owned Purolator India has in turn purchased a 50% stake in Mahle’s Indian subsidiary – Mahle Filter Systems (India).
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The two companies will be merged at a later date with the swap deal creating a conglomerate which will be India’s largest automotive filter manufacturer. While Purolator has two manufacturing facilities in India, Mahle Filter Systems has one.
The financial terms and conditions of the stake transfer were not disclosed. However the aggregate turnover of Purolator India and Mahle Filter Systems (India) is around INR2.4bn (EUR43.64m), growing at 16-18% every year thanks to the boom in the automotive component industry.
Part of Mahle’s 50% stake in Purolator India comes from PI’s earlier partner – ArvinMeritor – while the rest has been purchased from the Anand Group. ArvinMeritor’s exit from Purolator India comes in the wake of the company abandoning its replacement market businesses. However ArvinMeritor is staying put in its other two joint ventures – Arvin Exhaust and Gabriel India – with the Anand Group.
Deepesh Rathore/Tilak Swarup
