Ingress Industrial moves to expand footprint in India’s auto-parts market through acquisition
Listed auto-parts maker Ingress Industrial (Thailand) has announced its plan to acquire a 100 per cent stake in its Indian joint-venture company, Ingress Mayur Auto Venture, through its Malaysian subsidiary.
More products will be added to Ingress Mayur Auto Venture in a bid to boost its revenue.
Ingress Industrial (Malaysia) currently owns 40 per cent of Ingress Mayur Auto Venture.
Ingress Industrial chief executive Abdul Rahim bin Haji Hitam said the remaining 60 per cent would be purchased for Bt82.6 million using initial public offering proceeds, placing the total value of Ingress Mayur Auto Venture at Bt137.7 million.
He said the Indian auto-parts maker has booked profits the past three years and the acquisition should boost Ingress Industrial’s net profits while expanding its footprint in India's large and fast-growing automotive market more aggressively.
He said India is one of the fastest-growing and largest automotive markets, with it expected to produce four million cars this year - a 14.3 per cent increase on the 3.5 million cars produced in 2016.
India’s annual car production volume is larger than Asean’s volume.
