TAFE, a manufacturer of tractors and farm equipment, announced the acquisition of the Indian interior systems business of French global automotive supplier Faurecia for about ₹400 crore, according to The Hindu BusinessLine report.
A part of the Group Forvia, Faurecia is among the top 10 global automotive supplier with 1,11,000 employees across 33 countries. Faurecia provides automotive solutions across four business groups — seating, interiors, electronics and clean mobility.
TAFE has acquired Faurecia’s Indian interior systems business, which is serving auto majors such as Mobis-Kia, Mobis-Hyundai, Volkswagen, FCA and Tata group.
The deal covers Faurecia’s operations in Maharashtra (Chakan), Andhra Pradesh (Anantapur) and Tamil Nadu. The transaction with respect to Chakan and Anantapur has been completed and the Tamil Nadu operation is expected to be concluded shortly, said a statement.
Mallika Srinivasan, Chairman and MD, TAFE, said the company is encouraged by the strong synergistic opportunities offered by this acquisition. “Technology, innovation and manufacturing excellence will drive our journey forward.”
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