Shriram Pistons & Rings Ltd (SPRL) witnessed a rise of more than 3% in early trade after the company disclosed that it has signed a Share Purchase Agreement to acquire three Indian entities of Grupo Antolin—Antolin Lighting India Private Limited, Grupo Antolin India Private Limited, and Grupo Antolin Chakan Private Limited. The sellers, Grupo Antolin Irausa, S.A.U. and Grupo Antolin Ingenieria, S.A.U., will transfer complete ownership of these companies to SPRL once all closing conditions are met.
The proposed transaction involves the direct and indirect acquisition of all outstanding shares of the three target companies, with the entire payment to be made in cash. Since Grupo Antolin Chakan is a subsidiary of Grupo Antolin India, SPRL will acquire it indirectly while purchasing one additional share directly. The enterprise value for the acquisition has been fixed at €159 million, translating to approximately ₹16,700 million. The final transaction value will be determined at closing and will take into account adjustments related to cash, debt, and working capital.
The businesses being acquired operate across the automotive interior components and lighting segments and supply several leading OEMs across India. Antolin Lighting India, incorporated in 2023, focuses on interior lighting solutions and reported revenue of ₹1,237 million in FY 2024–25. Grupo Antolin India, established in 1996, manufactures a wide range of interior components such as headliner substrates, modular headliners, sunvisors, door panels, and centre floor consoles, and generated revenue of ₹7,159 million in FY 2024–25. Grupo Antolin Chakan, incorporated in 2008, is also engaged in the production of interior components and reported revenue of ₹3,395 million in FY 2024–25.
SPRL stated that this acquisition is aligned with its strategy to expand into the broader automotive components space, particularly areas not associated with powertrain technologies. By integrating Grupo Antolin’s interior-system capabilities, the company expects to strengthen its presence in the domestic market and diversify into value-added interior product categories. The deal also includes a Technology Licensing Agreement with Grupo Antolin, which will allow SPRL to retain access to advanced technologies and product development support beyond the completion of the acquisition.
The company expects the transaction to close by January 2, 2026, subject to the fulfilment of all conditions outlined in the Share Purchase Agreement. SPRL clarified that no governmental or regulatory approvals have been identified as necessary for completing the acquisition.