Domestic automotive component supplier Munjal Auto Industries has acquired a 55 percent stake in Gujarat-based composite parts maker, Indutch Composites Technology for an undisclosed amount.
According to Mujal Auto, the acquisition will help it diversify its business and strengthen its position in the automotive market.
Indutch Composites Technology, which was set up in 2010, reported a turnover of Rs 33.69 crore for the fiscal ended March 31, 2017.
The company’s capabilities include design, development, testing and production of different types of composite products for various Industries. It was established with an aim to become a global player in wind turbine rotor blade, nacelle cover/spinner tooling, manufacturing and services for the Indian and global wind energy industry.
Indutch Composites also plans to become an active player in the automobile, mass transit, and defence industries for composites tooling and process design, tooling, manufacturing and support services.