Auto component manufacturer Varroc Engineering on Tuesday said it will acquire 74 per cent stake in the Pune-based CarIQ Technologies, a leading integrated connected vehicle solution provider to OEMs, fleet owners and insurance companies.
The transaction will complement the company's connected vehicle product offerings such as instrument clusters, telematic devices and other data based analytical products, Varroc Engineering said in a statement.
"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," Varroc President - Electrical & Electronics business Arjun Jain said.
The company did not share financial details of the deal.
CarIQ CEO Sagar Apte said the partnership opens new possibilities for the company's customers and partners who trust it to build scalable enterprise grade solutions.
"Together with Varroc, we have ambitious plans to bring affordable and meaningful solutions for the automotive space in India and abroad," he added.
Varroc Engineering designs, manufactures and supplies exterior lighting systems, plastic and polymer components, electricals-electronics components, and precision metallic components for passenger cars, commercial vehicle and two-wheelers, among others.