Japan-based Koito Manufacturing Co. Ltd has announced that it has acquired full control of India Japan Lighting Pvt. Ltd (IJLPL), which is a joint venture with TVS Group.
The transaction was done for Rs.148.5 crore with Kioto acquiring the remaining 29.9% stake in Chennai-based IJLPL. The acquisition will boost IJLPL’s and Koito’s profitability and growth keeping in mind the growing size of India’s automotive market, Koito said in a statement.
IJLPL was established in 1997 and engages in the business of manufacturing and selling automotive lighting equipment to Japanese automotive manufacturers in India. The firm manufactures products such as halogen PES headlamps, tail lamps of different varieties and small lamps such as fog lamps and roof lamps, according to TVS’ website.
The TVS Group comprises over 40 companies that employ more than 25,000 people. These companies are operational in sectors such as two-wheeler and automotive component manufacturing, as well as finance and electronics.
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