Varroc Engineering , a leading tier-1 automotive component supplier based in Aurangabad has received interest from certain parties for a strategic partnership in its global lighting systems business, the company's top leadership said.
Tarang Jain, CMD, Varroc Engineering in a statement said, "The management is in the process of evaluating their interest with respect to scope, valuation, timelines, etc. The investors are currently carrying out the due diligence of VLS, and no firm/ binding offer has been received by the Company as on date". No further details were offered.
Varroc Engineering Group is into designs, manufactures and supplies exterior lighting systems, plastic and polymer components, electricals-electronics components, and precision metallic components to passenger car, commercial vehicle, two-wheeler, three-wheeler and off-highway vehicle OEMs directly worldwide. The group’s revenue was close to Rs 11,300 crore in FY21 and it has 43 global operating manufacturing facilities employing over 13,000 employees.
During Q3 FY2022, the Group won new orders totalling Rs 170 crore out of which Bajaj Auto, Ducati, and Mahindra & Mahindra contributed with Rs 10 crore worth of business each while Volkswagen, TVS Motor, Hero MotoCorp, Force Motors and Royal Enfield amongst others chipped in with nearly Rs 140 crore collectively.
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