Auto component manufacturer Minda Industries today said it has acquired the global lighting business of Spain-based Rinder Group for Euro 20 million.
The acquisition includes 100 per cent equity holding in Rinder India and Light Systems and Technical Centre in Spain; and 50 per cent equity holding in Rinder Riducu, Colombia. The deal will be financed through internal accruals and the debts. NK Minda, chairman, UNO Minda Group said: “This acquisition will establish Minda Industries as a technology leader in lighting solutions and will further augment the R&D capabilities of the company.” The lighting business of Minda Industries at present has a turnover of around Rs 300 crore per annum. This is set to increase to around Rs 750 crore on account of the new acquisition.