Tata AutoComp Systems Ltd on Monday said it will acquire International Automotive Components Group Sweden AB (IAC Sweden), in a bid to strengthen its presence in Europe's automotive sector.
This proposed acquisition reinforces Tata AutoComp's presence in Sweden and enhances the company's relationships with key European Original Equipment Manufacturers (OEMs) in both the passenger vehicle and commercial vehicle segments, further expanding its global footprint, the company said in a statement.
The company, however, did not disclose any financial details.
IAC Sweden has a turnover of approximately USD 800 million and is a well established manufacturer of interior systems and components to the automotive industry, it added.
The transaction is subject to European regulatory approvals, the company said.
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"This acquisition aligns with our long-term vision of expanding in global markets and strengthening our relationships with European OEMs," Tata AutoComp Systems Vice Chairman Arvind Goel said.
With this acquisition, Tata Autocomp said, it will consolidate its position as one of India's largest automotive component manufacturers and strengthen its presence in Europe's automotive sector.
"IAC Sweden has a strong legacy of delivering high-quality interior solutions, and we look forward to working together to drive innovation and excellence in the automotive industry. This move reinforces our commitment to driving sustainable, high-quality, and customer-centric automotive solutions across geographies," Goel said.
The acquisition of IAC Sweden will present strong synergy opportunities, allowing Tata AutoComp to leverage advanced manufacturing capabilities, cutting-edge technology, and well-established customer relationships in the premium automotive space, the company said.