Tata AutoComp Systems Ltd announced plans to acquire International Automotive Components Group Sweden AB (IAC Sweden) to enhance its position in the automotive market in Europe.

This proposed acquisition is expected to bolster Tata AutoComp's standing in Sweden and improve the company's connections with significant European Original Equipment Manufacturers (OEMs) across both the passenger and commercial vehicle segments, further broadening its global reach.

IAC Sweden is observed to generate a revenue of around $800 million and is a well-established producer of interior systems and components for the automotive sector, the company noted.

"This acquisition aligns with our long-term vision of expanding in global markets and strengthening our relationships with European OEMs," Tata AutoComp Systems Vice Chairman Arvind Goel said.

The deal is said to be pending approval from European regulatory authorities, according to the company.

Through this acquisition, Tata AutoComp indicated it will strengthen its status as one of the largest automotive component manufacturers in India and solidify its position within the European automotive market.

 

"IAC Sweden has a strong legacy of delivering high-quality interior solutions, and we look forward to working together to drive innovation and excellence in the automotive industry”.

“This move reinforces our commitment to driving sustainable, high-quality, and customer-centric automotive solutions across geographies," Goel said.

Also Read: Four Pillars Who Painted the Success Story of Asian Paints

The acquisition of IAC Sweden will create significant synergy opportunities, enabling Tata AutoComp to take advantage of advanced manufacturing capabilities, state-of-the-art technology, and strong customer relationships within the premium automotive segment, the company reported.