automotive component maker varroc eyes global acquisitions

by:Marslite     2019-09-30
Varroc Group, one of India\'s largest auto parts manufacturers, is looking for acquisition opportunities to become one of the world\'s three major suppliers of external lighting systems for OEMs worldwide (OEMs).
\"Now, this business has grown significantly from $0. 4 billion to more than $1 billion, accounting for 60% of the group\'s revenue, and we hope to further develop this business,\" T. R.
Srinkle, chief financial officer of Varroc Group, said in an interview.
\"Our goal is to be one of the three big players in the global lighting system, and the key strategy is to achieve growth through acquisitions,\" he added . \".
\"At this stage, we are actively looking for acquisition opportunities.
We want to be a global auto parts manufacturer.
It\'s good to be number one or number two in India, but our ambition is more than that . \"Srinivasan.
With FY18 revenue of Rs 300, the group is already the sixth largest outside automotive lighting company in the world.
It provides taillights and small lights for Jaguar Land Rover, Ford, Tesla, Volkswagen, FCA, PSA and Renault Nissan, as well as other US and European automakers.
Varroc Group entered the auto parts business in 2012, when it acquired the lighting systems business of Visteon Group, which was split from Ford Motor.
\"We want to expand the size and scale of our business to become a global leader in the $18 billion lighting systems industry, which is growing at a rate of 5%.
Even if there is a big chance of acquisition, we can look for it.
We can also issue shares for a good opportunity.
There is also a lot to borrow, \"he added.
As part of its strategy, the group is in the final stages of acquiring a lighting systems company in Turkey, which earns revenue from the company as a lighting crcrore.
Currently, the lighting systems business has six factories in Mexico, the Czech Republic, China and India.
Two other factories in Brazil and Morocco will be put into operation by the end of this year.
Expand Footprint
The group is keen to enhance its geographic footprint and gain access to more customers, especially Japanese and Korean OEMs, srintro said.
\"Therefore, any opportunity to provide such a strategic fit can be considered,\" he said . \".
Warlock Engineering Co. , Ltd.
Supply auto parts to two and three
Bajaj Auto-based Wheeler is also expanding its portfolio to meet more customers.
The Indian company generated 600 rupees in fy18.
It provides 16 product lines for customers in 26 factories in India.
\"We see further opportunities to develop our business with all OEMs and hope to significantly increase our share with OEMs,\" he said . \"
He said.
The company announced
Crore\'s initial public offering, mainly to facilitate the withdrawal of the Tata Opportunity Fund, a private equity investor, which invested in 300 crore in 2012 and received £ 13.
Holds a 7% stake in the company.
The Tata Opportunity Fund (Tata Opportunities) is fully withdrawn and the sponsors are diluting. 3%.
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