Carlyle Group has acquired controlling stakes in India’s Highway Industries and Roop Automotives, combining the two manufacturers to form a diversified global automobile components platform, said the investment company in a statement.
The deal was executed through Carlyle Asia Partners and continues the company’s bet on India’s advanced manufacturing sector. The transaction amount was not disclosed in the statement.
Highway and Roop manufacture forged and precision-machined components, steering assemblies, and power train parts for electric, hybrid, and internal combustion engine vehicles. The platform will have a portfolio of more than 1,500 products, clients in 17 countries, and 12 plants and 14 international warehouses.
Carlyle plans to “deepen its footprint” in auto components and expand the platform through further acquisitions. The founders of Highway and Roop will hold stakes in the platform. Mohit Oswal, managing director of Roop, will be non-executive chairperson in the new entity. Read more
Source: Business Standard