Belrise Industries Buys Hyva India Tipper Business for $5.65 Million

Belrise Industries Limited has acquired the Tipper Body Business of Hyva India Private Limited, a subsidiary of JOST Werke SE, for a total consideration of approximately USD 5.65 million.

The transaction values the business at an enterprise value to EBITDA multiple of approximately 3.60x. The acquired unit reported an EBITDA of approximately USD 1.57 million for calendar year 2025, alongside a return on average capital employed of around 20%. The deal includes three manufacturing plants located in Pune, Jamshedpur, and Bangalore.

The acquisition integrates Hyva India's design and manufacturing capabilities into Belrise's commercial vehicle portfolio, expanding its client reach to the top five commercial vehicle original equipment manufacturers in India and adding a key European commercial vehicle manufacturer to its customer base. Following the transaction, Hyva will retain and continue operating its Tipping Kits and Hydraulic Systems business independently in India.