Uno Minda buys Spanish auto lighting firm Rinder Group for Euro 20 mn

Minda Industries Ltd, an auto component maker, has acquired the global automotive lighting business of Spain-based Rinder Group, which manufactures auto lamps (head lamp, tall lamps and small lamps, for Euro 20 million (about Rs 145 crore). The acquisition includes 100 per cent equity holding in Rinder India, Spain-based Light Systems and Technical Center, along with 50 per cent stake in Rinder Riducu, Colombia.
 
With this acquisition, Minda Industries Ltd, which manufactures automotive lighting at its plants at Manesar, Pune and north of Delhi, aims to increase its lighting business turnover from Rs 300 crores to Rs 700 crores.
   
Rinder Group operates in premium segment of lighting business with annual turnover of Euro 55 million (Rs 410 crore). Rinder Group has its own technology and design center in Spain and will help Minda Group in establishing itself as a major player in lighting business.
 
N K Minda, chairman of Uno Minda Group, commented, "This acquisition will establish Minda Industries Limited as technology leader in lighting solutions and will further augment the R&D capabilities of the company. Our vision is to achieve 25 percent turnover from international business. The overseas leg of this global acquisition will ensure that the company moves closer to its vision and expand its geographical footprints further."
 
As a part of the deal, Rinder's brand name & intellectual property rights have also been acquired. Integration and merger with UNO MINDA brand name will be finalised at a later stage. Rinder India's plant is located at Chakan and Pimpri in Pune (Maharashtra) and Bahadurgarh (Haryana). Light Systems and Technical Center is located at Bilbao, Spain and Rinder Riducu's plant is situated in Colombia.