Component manufacturer Spark Minda says it has acquired Panalfa Autoelektrik in Bawal, Haryana, through its company, Minda Corporation.

The company, employing 410 staff, mainly manufactures reduction gear starter motors and alternators, with customers such as Eicher, Escorts, Greaves, HMT, Magneton, New Holland, Polaris, Sonalika and TAFE.

“The acquisition of Panalfa Autoelektrik is a step in our overall strategy to become a leading player in [the] auto component and auto electricals sector,” said Spark Minda group CEO, Ashok Minda.

“With the help of this acquisition, Spark Minda will be able to add new product in its ambit and helping us to sustain our ongoing growth YoY.

“Our Group already [has a] presence in [the] after market business with [a] network of more than 400 dealers. This will further help in increasing our penetration in [the] after market business of starter motors and alternator.

“The transaction will also enhance our relationships with OEMs, particularly in the commercial vehicle segment.”