Copyright indiatimes
New Delhi: Spanish auto components maker Grupo Antolin is looking to sell its India business for €150 million and has engaged advisers for the sale, as per people familiar with the matter.The €4 billion family-controlled company serves the who's who of global passenger vehicle makers such as Alpha Romeo, Ferrari, Aston Martin, Skoda Volkswagen and Hyundai, to name a few.Tier 1 auto components suppliers in India and private equity firms are likely to be tapped, said the persons cited earlier.In India, the company's customers include Tata Motors, Mahindra and Mahindra and Skoda Volkswagen.Live EventsPwC has been engaged to facilitate the sale process."We do not comment on market speculation or rumours," said a spokesperson for Grupo Antolin when contacted by ET.The company's headquarters are located in the Spanish city of Burgos. It started as a mechanics garage in the 1950s.The sale is being attempted as part of a liability management exercise because Grupo Antolin has committed divestments annually to bond holders.The company is 100% privately owned by the Antolin family.Grupo Antolin makes cabin interiors such as headliners or roofing, door and dashboard trims and lighting systems for passenger vehicles.It has been present in India for two decades and operates six manufacturing plants. These are located at Bengaluru, Chennai, Gurugram, Pune, Sanand and Vijayawada.Industry watchers said there are other European auto components players that may re-look at their India businesses due to liability management exercises back home. They didn't name any that are actively pursuing divestments. On the contrary, India's auto components sector has been witnessing a growing trend of foreign investments through the private equity route.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onmahindra and mahindratata motorsGrupo AntolinIndia auto components marketEuropean auto suppliers divestmentprivate equity investments auto componentsauto components sale (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onmahindra and mahindratata motorsGrupo AntolinIndia auto components marketEuropean auto suppliers divestmentprivate equity investments auto componentsauto components sale(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless
