The Kolkata-based Pawan Ruia Group, which has a controlling interest in Dunlop India and in Falcon Tyres, has acquired British auto component manufacturer Schlegel Automotive Europe, according to group chairman Pawan Kumar Ruia.
The deal was made through a special purpose vehicle Global Finvest Ltd based in the U.K.
“Keeping in mind the growing demand in the automotive sector, we are planning to set up a Schlegel manufacturing unit in India.” Mr. Ruia said here on Wednesday.
The acquired company, founded in 1952, makes rubber sealing products used in automobile doors, windows, hoods and trunks and most of the global auto sector customers whom it serves in Europe have already set up plants here. There were indications that Schlegel might set up a plant in India soon. However, the location has not been finalised as yet.
The Ruia Group was little known till it acquired Dunlop and Falcon from Chhabria in 2005.
Two years later, it acquired the Mumbai-based Monotona Tyres and then Industronics in Malaysia.
Source: The Hindu