Ashok Minda Group acquires German firm

NEW DELHI: Ashok Minda Group, leading automotive component manufacturer, on Tuesday announced the acquisition of Germany-based leading specialist interior plastic component manufacturer, Schenk Plastic Solutions. The company also unveiled its plans to invest Rs. 900 crore over the next 2-3 years and come out with an initial public offering of one of its units. “We have purchased 100 per cent equity capital of Schenk through an all-cash transaction. The deal has been funded through a mix of internal accruals and debt in the ratio of 2:3. Post-acquisition, the German company has been rechristened Minda Schenk Plastic Solutions GmbH,” Group Chairman Ashok Minda said at a press conference here. He, however, declined to divulge the deal size.