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TAFE, a leading manufacturer of tractors and farm equipment, on Friday announced the acquisition of the Indian interior systems business of French global automotive supplier Faurecia. The deal size is about ₹400 crore.
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.
Design support
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.
It added that the integration of TAFE’s plastics business with Faurecia’s interior systems business offers synergistic benefits to all its customers. TAFE’s current customers include Toyota, TVS Motors, Hyundai, Kia, Renault Nissan and GE Medical System. As part of the deal, Faurecia will continue to support TAFE and its customers with its design capabilities.
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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