Minda Corporation has acquired 100% Equity of Panalfa Autoelektrik Limited
New Delhi, 05th April 2016: Global Automotive Component manufacturer ‘Spark Minda, Ashok Minda Group’ today announced the acquisition of Panalfa Autoelektrik Limited through its flagship company, Minda Corporation Limited. The Group has acquired 100% Equity of Panalfa Autoelektrik Limited.
Panalfa Autoelektrik Limited, founded in 2007 and located in Bawal, Haryana. The Company primarily manufactures ‘Reduction Gear Starter Motors’ and ‘Alternators’.
Panalfa Autoelektrik is dealing with end markets of Agriculture Machinery, Stationary Engine, Construction Equipment and Automotive market worldwide and has some of the key companies in India as customers such as Eicher, Escorts, Greaves, HMT, Magneton, New Holland, Polaris, Sonalika and TAFE. Panalfa Autoelektrik Limited has working strength of 410 employees and had Sales of Rs. 72 crores (FY 14-15).
With the acquisition of Panalfa Autoelektrik the Group further strengthens its presence in product portfolio & footprints in Agriculture Machinery, Stationary Engine, Construction Equipment and Automotive market. The Group will leverage on this acquisition to offer a better value proposition to its customers in commercial vehicles and other segments.
Mr. Ashok Minda, Group CEO, Spark Minda, Ashok Minda Group said, “The acquisition of Panalfa Autoelektrik Limited is a step in our overall strategy to become a leading player in Auto Component and Auto Electricals sector. With the help of this acquisition, Spark Minda, Ashok Minda Group will be able to add new product in its ambit and helping us to sustain our ongoing growth YoY. Our Group already have presence in After Market business with network of more than 400 dealers. This will further help in increasing our penetration in After Market business of Starter Motors and Alternator. The transaction will also enhance our relationships with OEMs, particularly in the commercial vehicle segment.”
Mr. Pankaj Raghbeer, CMD of Panalfa Group said: “This divestment is part of our overall group strategy to focus on its new ventures.”