Shriram Pistons & Rings Limited (SPRL) has announced a significant strategic move with the signing of a Share Purchase Agreement to acquire Antolin Lighting India Private Limited (T1), Grupo Antolin India Private Limited (T2), and Grupo Antolin Chakan Private Limited (T3). The sellers—Grupo Antolin Irausa, S.A.U. and Grupo Antolin Ingenieria, S.A.U.—will transfer full ownership of these entities to SPRL following the completion of closing conditions.
Overview of the Proposed Transaction
The transaction covers the direct and indirect acquisition of 100% of the outstanding shares of all three target companies. SPRL will discharge the consideration entirely in cash. T3, being a subsidiary of T2, will be acquired indirectly, with one additional share purchased directly.
The aggregate enterprise value for the acquisition has been set at EUR 159 million (approximately ₹16,700 million). The final purchase price will be determined at closing after adjustments related to cash, debt and working capital.
Business Profile of the Target Entities
Antolin Lighting India Private Limited (T1), incorporated in 2023, focuses on automotive interior lighting solutions. It has demonstrated rapid growth, recording revenue of ₹1,237 million in FY 2024–25.
Grupo Antolin India Private Limited (T2), established in 1996, is a leading supplier of automotive interior components such as headliner substrates, modular headliners, sunvisors, door panels and centre floor consoles. It reported revenue of ₹7,159 million in FY 2024–25.
Grupo Antolin Chakan Private Limited (T3), incorporated in 2008, manufactures key interior components and reported revenue of ₹3,395 million in FY 2024–25.
All three entities serve prominent Original Equipment Manufacturers (OEMs) across India.
Strategic Rationale for the Acquisition
This acquisition supports SPRL’s long-term objective of expanding its presence across the broader automotive components space, particularly in areas not linked to powertrain technologies. By integrating Grupo Antolin’s interior-system capabilities, SPRL aims to:
• strengthen its position in the Indian automotive components market,
• diversify into high-value interior products, and
• create sustainable long-term value for its stakeholders.
As part of the transaction, SPRL will also enter into a Technology Licensing Agreement with Grupo Antolin, ensuring ongoing access to advanced technologies and product development support.
Timeline and Closing Conditions
The completion of the transaction is expected by January 2, 2026, subject to fulfilment of the closing conditions outlined in the Share Purchase Agreement. No governmental or regulatory approvals have been identified as necessary for this acquisition.