Global automotive component manufacturer Spark Minda of the Ashok Minda Group has acquired the Haryana-based Panalfa Autoelektrik, which makes reduction gear starter motors and alternators, through its flagship company Minda Corporation. The Group has acquired 100 percent equity of Panalfa Autoelektrik.

Panalfa Autoelektrik, which caters to the agricultural machinery, stationary engine, construction equipment and automotive markets, counts companies like Eicher, Escorts, Greaves, HMT, Magneton, New Holland, Polaris, Sonalika and TAFE has its key customers. The company has a workforce of 410 employees and recorded sales of Rs 72 crores in 2014-15.

According to Ashok Minda, Group CEO, Spark Minda, Ashok Minda Group, “The acquisition of Panalfa Autoelektrik is a step in our overall strategy to become a leading player in the auto component and auto electricals sector. With this acquisition, Spark Minda, Ashok Minda Group will be able to add new products and help us sustain our ongoing growth. Our Group already has a presence in the aftermarket business with a network of more than 400 dealers and this further help increase our penetration in the aftermarket business of starter motors and alternators. The transaction will also enhance our relationships with OEMs, particularly in the commercial vehicle segment.”