ADVIK Hi-Tech acquired Hanon Bangalore Operations Pvt. Ltd. (Hanon Bangalore), from Hanon Systems, South Korea for an undisclosed amount.
ADVIK Hi-Tech aims to strengthen its global manufacturing and R&D expertise in the powertrain system market for global vehicle manufacturers through this acquisition. The acquisition will help Hi-Tech to offer a comprehensive portfolio for pumps which includes oil pumps, water pumps, and vacuum pumps for global vehicle manufacturers.
ADVIK Hi-Tech foresees steady growth in electrification in the 2W and 3W space, while it estimates hybrid powertrains will play a very crucial role in the Passenger Car segment.
The acquisition is set to add a new manufacturing facility along with, booked business, manufacturing, engineering, and administrative resources, to the company’s existing facilities spread across a total of 10 plants including India, Indonesia & Vietnam.
The company expects to see an increase in substantial business volume along with a wider customer base and product offering over the next five years.
Aditya Bhartia, Managing Director, ADVIK Group of Companies, said, “We’re delighted about the tremendous opportunities this acquisition brings including adding an advanced manufacturing set-up in pumps and an established in-production customer base that reiterates our commitment to investing in innovation and go to market capabilities. This acquisition is a strategic step in growing our customer base and product portfolio. We are committed to excelling in service to the existing customers of Hanon Bangalore while enhancing the portfolio. We are committed to the growth of this business,” he added. (MT)