Tata AutoComp to acquire Slovakia-based IAC Group

Auto components maker Tata AutoComp Systems on Thursday said it has signed a pact to fully acquire Slovakia-based IAC Group.

The company, however, did not disclose the financial details of the transaction.

The company, through its British subsidiary Artifex Interior Systems Limited (Artifex), has entered into a conditional agreement to acquire 100 per cent of the share capital of IAC Group (Slovakia).

The strategic acquisition will strengthen the company's capabilities and will lay the foundation for deeper expansion across the UK and EU markets, Tata AutoComp said in a statement.

The move supports the firm's ambitious growth plans, positioning the company as a significant player in the European automotive industry, in line with its vision to become the partner of choice for global OEMs, it added.

Completion of the acquisition is conditional, including being subject to applicable regulatory approvals, it said.

"The acquisition of IAC Slovakia will mark a significant milestone in Tata AutoComp's global growth journey. Following our earlier acquisition of Artifex, this step strengthens our European presence and reflects our commitment to serving global OEMs more effectively," Tata AutoComp Vice-Chairman Arvind Goel said.