Shriram Pistons & Rings Ltd (SPRL) has agreed to acquire the Indian arms of Spanish firm Grupo Antolin at a total enterprise value of €159 million (Rs 1,670 crore or around $185 million) deal, as it looks to expand its presence in the auto component industry.
The Mumbai-listed company said in a stock-exchange filing that it entered into a share purchase agreements with Grupo Antolin Irausa, S.A.U. and Grupo Antolin Ingenieria, S.A.U., to acquire their three Indian arms—Antolin Lighting India Pvt Ltd, Grupo Antolin India Pvt Ltd and Grupo Antolin Chakan Pvt Ltd.
The three target companies reported total revenue of Rs 1,179.1 crore for FY25, up from Rs 1,023.6 crore the year before.
Shriram Pistons, which makes pistons, rings, pins and engine valves, said that it is acquiring these Grupo Antolin entities as they are they are the leading manufacturers of a bunch of automotive components in India.
The company also said that these acquisitions will help it expand into product areas independent of powertrain technologies, strengthen its position in the auto components industry.
These entities make automotive interior solutions, headliner substrates, modular headliners and sunvisors, door panels, centre floor consoles, pillar trim, front-end carriers, overhead consoles, dome lamps, ambient lighting, touch panels, and capacitive pads. These components are supplied to major automobile manufacturers across India.
As part of the deal, Shriram Pistons will also enter into a technology licensing agreement with Grupo Antolin “to ensure continuous access to advanced technologies and support for new product development,” it said in its filing.
The company’s shares surged 5% following the announcement. Shriram Pistons is currently trading around Rs 2,834 per share, and has gained more than 31% over the past year.
