Varroc Engineering To Sell Europe, Americas 4-Wheeler Lighting Business For $631 Million
Highlights
Indian auto component maker Varroc Engineering said on Friday it will sell its four-wheeler lighting system operations in the Americas and Europe to France's Compagnie Plastic Omnium for 600 million euros ($630.96 million). Varroc's shares were trading up 20% at 493.85 rupees.
The company, which will retain its 4-wheeler lighting operations in Asia, said it will continue to operate its China joint venture and its other businesses in countries such as Italy, Vietnam, Poland and Romania.
The divestment is part of its strategy to focus on the two-wheeler sector globally and electric vehicle product lines, according to the company.
Globally auto companies and component makers have started diversifying their traditional business to focus more on electric vehicles.
India wants electric scooters and motorbikes to make up 80% of total two-wheeler sales by 2030, compared with about 2% now and Prime Minister Narendra Modi's administration is offering companies billions of dollars in incentives to make EVs and components locally.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Great Deals on Used Cars
View All Used Cars- 13,870 km
- Petrol
- Manual
- 25,279 km
- Diesel
- AMT
- 11,678 km
- Petrol+CNG
- Manual
- 19,398 km
- Diesel
- Manual
- 26,000 km
- Diesel
- Manual
- 21,000 km
- Petrol
- AMT
- 9,746 km
- Petrol
- Manual
- 27,200 km
- Petrol
- Manual
- 20,000 km
- Petrol
- Manual
- 24,000 km
- Petrol
- Automatic
Upcoming Cars
Upcoming Bikes
Explore More
Latest News
Related Articles
Trending Vehicles In India
- Home
- News
- Auto Industry
- Varroc Engineering To Sell Europe, Americas 4-Wheeler Lighting Business For $631 Million